The Monetary Authority of Singapore (MAS) is to discontinue the issuance of large denomination $1,000 notes in an effort to curb money laundering.
"This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing (ML/TF) risks associated with large denomination notes," states the singapore central bank. "The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes."
The clamp on circulation comes into effect at the beginning of 2021.
Existing $1,000 notes will remain legal tender and can continue to be used as a means of payment. Banks can continue to recirculate existing $1,000 notes that are deposited with them.
MAS says it will make available sufficient quantities of other denominations, in particular the $100 note which is the next highest denomination after the $1,000 note, to meet demand.