S\\\'pore to stop issuing Sg$ 10,000 note to deter money laundering

Singapore's central bank said on Thursday it would stop issuing Sg$ 10,000 (US $ 8,000) notes to help deter money laundering, with critics complaining the note is the bill of choice for bribe-payers in neighbouring Indonesia. A spokeswoman for the Monetary Authority of Singapore said the decision was ‘a pre-emptive move to mitigate the higher money laundering risks associated with large value cash transactions’. The note is one of the world’s most valuable banknotes in circulation, along with the 1,000 Swiss franc ($ 1,120) note, the Sg$ 1,000 note and the 500 euro ($ 680) note, according to the Standard Catalogue of World Paper Money. The highest banknote for the US currency is $ 100 while China makes do with the 100 renminbi ($ 16) note. The renminbi is the official currency of the People’s Republic of China. Singapore, a global financial centre and major player in the wealth management industry, has rejected accusations that it is a haven for money-laundering and foreign tax cheats, according to AFP.