Singapore, July 2 (Reuters): Singapore is to stop issuing S$10,000 ($8,000) notes, one of the world’s most valuable banknotes, as it tries to tighten its anti-money laundering controls.
The Monetary Authority of Singapore (MAS) said today that given the “risks associated with large value cash transactions and high-value notes”, it will stop producing the S$10,000, though those already in circulation will remain legal tender indefinitely.
High value notes are popular with organised criminals as they are a lighter, more efficient way of carrying large amounts of cash.
Singapore is tightening its scrutiny of cash-intensive sectors such as casinos and money remittance agents to try and ensure they are not used to launder the proceeds of crime. It opened two multi-billion dollar gaming resorts in 2010 that attract thousands of high-rolling gamblers.