Singapore Will Stop Issuance Of $1,000 Note To Lower Risks Of Money Laundering
Singaporeans might be familiar with the navy $50 dollar note, but sightings of its purple $1,000 counterpart is far more elusive.
However, on Tuesday (3 Nov), the Monetary Authority of Singapore (MAS) announced that it will be discontinuing the $1,000 note from 2021.
This is so that they can lower risks of money laundering and terrorism financing.
$1,000 note to be discontinued from 1 Jan 2021
In a press release on Tuesday (3 Nov), the Singapore central bank announced that the $1,000 note will be discontinued from 1 Jan 2021.
MAS says the move will help lower the risks of money laundering and terrorism financing linked to large-denomination notes.
Singapore is apparently not the only country to phase out notes of higher monetary. In 2014, the European Central Bank also started phasing out its largest €500 note.
Discontinued note can still be used for payment
Though discontinued in the very near future, the $1,000 note will continue to be legal tender and can be used as a form of payment.
In light of the discontinuation, MAS says it will “make available sufficient quantities of other denominations” to meet demand.
The $100 note will be the ‘area of focus’ of this effort, since it is the next higher denomination after the $1,000 note.
The central bank also urges Singaporeans to use electronic payments such as PayNow and FAST.
$1,000 note — a collectable in the future?
With the discontinuation of the $1,000 note, the purple note may very well become turn into a collectable.
Do you happen to have some $1,000 note at home? If so, do you plan on keeping or using it? Share your thoughts in the comments below.
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Featured image adapted from Carousell.
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