SINGAPORE, July 2 — The Monetary Authority of Singapore (MAS) will be discontinuing the issuance of the S$10,000 (RM25,721) note, starting Oct 1 as measures to reduce risk of money laundering. 

Disclosing this, MAS Deputy Managing Director (Financial Supervision), Ong Chong Tee said given the risks associated with large value cash transactions and high face-value notes, MAS will be discontinuing the issuance of the S$10,000 note.

“The development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions. Therefore, we do not expect the discontinuation of the note’s issuance to create any major inconvenience,” he said.

He said this in a keynote address “Combating Financial Crime: International and National Efforts” at the ABS Financial Crime Seminar at Raffles City Convention Centre, Singapore here Wednesday.  The annual seminar has become a key event on Singapore’s anti-money laundering and counter-terrorism financing (AML/CFT) calendar.  Ong said existing S$10,000 notes in circulation will remain legal tender, including all notes under the Currency Inter-changeability Agreement with Brunei.

“However, we expect the stock of such notes to dwindle over time, as worn notes are returned to us and not replaced,” he said.  Ong also said Singapore is fully committed to the global efforts against financial crime, noting that the evolving risk environment requires proactive and collective actions in all jurisdictions.

“MAS has, and will continue to take steps to further enhance our (AML/CFT) regime, along with other government agencies for the non-financial sectors,” Ong said. — Bernama