Singapore: S$10 000 note to be discontinued

Singapore will stop issuing one of the most valuable banknotes as it tightens controls on money laundering. The Monetary Authority of Singapore said yesterday that, given the “risks associated with large value cash transactions and high-value notes”, it would stop printing the S$10 000 (R85 375) note. Those in circulation would remain legal tender. High value notes are popular with organised crime rings as they are a light, efficient way to carry cash. Singapore is tightening scrutiny of cash-intensive sectors such as casinos and remittance agents to stop them being used to launder the proceeds of crime. – Reuters

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