for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Money News

Singapore to stop printing S$1,000 banknotes from next year

The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su

SINGAPORE (Reuters) - Singapore will stop printing S$1,000 banknotes from Jan. 1 next year, its central bank said on Tuesday, to curb the risk of them being used for money laundering and to finance terrorism.

Existing notes will remain legal tender and banks can continue to re-circulate the notes, the Monetary Authority of Singapore said in a statement.

Countries around the world have been looking to phase out high denomination notes for years over concerns they are used predominantly for criminal activity. European authorities halted the printing of the 500 euro note last year.

Reporting by Chen Lin; Editing by Himani Sarkar

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up