Singapore stops issuing 10,000 dollar notes

The Monetary Authority of Singapore (MAS) has announced that from 1 October 2014 it will cease to issue any more 10,000 dollar banknotes. The notes which have already been issued will remain legal tender indefinitely. This decision has been made to combat money laundering and other forms of (financial) crimes. The large notes make it very easy to distribute large sums of money between criminals or carry cash across borders. In 2010, Britain's Serious Organised Crime Agency estimated that 90 percent of 500 euro banknotes sold from exchange bureaus in the country were in the hands of organized criminals. The MAS indicated that it's unlikely this decision will cause much inconvenience.

The 10,000 dollar note is at this moment the most expensive banknote in circulation in the world and is worth around 8000 US dollars or 5875 euro.

Steven Wednesday 02 July 2014 at 1:17 pm | | news
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