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Singapore to stop issuing S$10,000 note to combat money laundering

Publication Date : 02-07-2014

 

Singapore will stop issuing new S$10,000 (US$8,0250 notes as part of a broader move to strengthen its anti-money laundering and counter-terrorism financing regime.

It will also make more transparent the details of penalties imposed on financial institutions for breaches of the law, said Monetary Authority of Singapore's deputy managing director Ong Chong Tee.

Speaking at the annual Association of Banks Financial Crime Seminar, Ong said that Singapore is fully committed to the global efforts against financial crime.

The authorities have embarked on a national effort involving multiple government agencies and is also working with private sector institutions to ensure that compliance with international anti-money laundering laws are met.

"Protecting our reputation as a well-regulated and clean financial centre is not negotiable. This is a fundamental tenet upon which our financial centre has developed, and the continued confidence in the integrity of our financial system is a necessary condition for sustaining growth of the sector," he said.

As such, the government has been updating the laws here as well as beefing its supervisory roles, said Ong.

"This means that we will not be apologetic about being intrusive and probing in our supervision work, and money-laundering and terrorism-funding risks will continue to be a key thematic area of focus," he added.

-See more at: http://www.straitstimes.com/news/business/more-business-stories/story/singapore-stop-issuing-10000-notes-combat-money-laundering

 

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