Singapore will stop issuing 1,000 SGD notes from January 1 next year to reduce money laundering and terrorism financing risks, said the Monetary Authority of Singapore (MAS) on 3 November.

The 1,000 SGD note of Singapore (Source: channelnewsasia.com)

From now until December, a limited quantity of the notes will be made available each month.

It is a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes, MAS said, noting that large denomination notes allow individuals to carry large values of money anonymously.

Existing 1,000 USD notes in circulation will remain legal tender and can continue to be used as a means of payment. Banks can continue to recirculate existing notes that are deposited with them, MAS added.

It added that other denominations will be made available "in sufficient quantities" to meet demand, particularly the 100 SGD note which is the next highest denomination.

Singapore stopped issuing 10,000 SGD notes in 2014, then one of the world's most valuable banknotes.

Source: VNA