Singapore's central bank will stop issuing 10,000-Singapore-dollar (8,000 U.S. dollars) notes from Oct. 1 in a move to lower the risk of money laundering, the Monetary Authority of Singapore said on Wednesday.
The set of bank notes issued by the central bank currently consists of notes of different values such as 2 Singapore dollars, 5 Singapore dollars, 10 Singapore dollars, 50 Singapore dollars, 100 Singapore dollars, 1,000 Singapore dollars and 10,000 Singapore dollars.
Bank notes of 10,000 Singapore dollars are not often seen or used on the market.
The development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions, Ong Chong Tee, deputy managing director of the Monetary Authority, said at a seminar.
Ong said the discontinuation of the note is not expected to create any major inconvenience.
Existing notes of 10,000 Singapore dollars in circulation will remain legal tender. However, the stock of such notes is expected to dwindle over time, as worn notes are returned and not replaced.
Ong also said that the Monetary Authority plans to launch a public consultation on proposed amendments to its regulatory framework to tighten checks against money laundering and terrorist financing.
The proposed amendments include requiring banks to screen customers, tightening the threshold for enhanced measures on cross- border wire transfers, and providing a risk-based approach for " politically exposed persons," he said.