 |
| The Monetary Authority of Singapore, pictured ,has announced it will stop issuing Sg$10,000 ($8,000) notes. (Munshi Ahmed/Bloomberg) |
A
spokeswoman for the Monetary Authority of Singapore said the decision was “a
preemptive move to mitigate the higher money laundering risks associated with
large value cash transactions”.
The note is
one of the world’s most valuable banknotes in circulation, along with the 1,000
Swiss franc ($1,120) note, the Sg$1,000 note and the 500 euro ($680) note,
according to the Standard Catalogue of World Paper Money.
The highest
banknote for the US currency is $100 while China makes do with the 100 renminbi
($16) note.
Notes
currently in circulation will remain legal tender but stocks are expected to
decline over time as worn notes are returned and not replaced, the monetary
authority spokeswoman said.
The central
bank’s comments come days after an Indonesian financial watchdog urged
Singapore to immediately withdraw all Sg$10,000 notes instead of just
discontinuing them.
Singapore,
a global financial center and major player in the wealth management industry,
has rejected accusations that it is a haven for money laundering and foreign
tax cheats.
In March,
it began regulating intermediaries of Bitcoin such as exchanges and vending
machines dispensing the virtual currency, citing the increasing risk that they
could be used for money laundering and terrorist financing.
The
government has also said it is scrutinizing new forms of illicit financing such
as through the trade of precious stones and metals.
Singapore
houses the regional offices of some of the world’s top financial institutions
with total assets under management in the city-state now around Sg$1.4 trillion
($1.1 trillion), according to the city’s monetary authority.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.