It was announced yesterday by the Monetary Authority of Singapore (MAS) that they will stop issuing $10,000 banknotes (£4,694) from 1st October 2014 in a bid to increase anti-money laundering controls.

The comments were made yesterday during a Keynote Address at the ABS Financial Crime Seminar by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the MAS.

High face-value banknotes are popular with organised criminals as they are a more efficient way of carrying cash due to the reduced weight of notes. Indeed, Britain’s Serious Organised Crime Agency believes 90% of 500 euro banknotes (£398) sold from exchange bureaus in the UK are for criminal purposes.

The MAS has said that the $10,000 banknotes currently in circulation will remain legal tender, but the 6 other remaining notes – $2, $5, $10, $50, $100$ and $1000 – will continue to be issued as normal.

“The development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions.  Therefore, we do not expect the discontinuation of the note’s issuance to create any major inconvenience.” Mr Ong Chonh Tee, Deputy Managing Director, Monetary Authority of Singapore

Source: Monetary Authority of Singapore, Routers