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SINGAPORE
Indonesia urges Singapore to withdraw all $10,000 notes: Report
POSTED: 07 Jul 2014 13:35
UPDATED: 07 Jul 2014 13:45
"If the bill remained on the market, let's say until five to 10 years after its production stops, Indonesia would still be vulnerable to money-laundering and graft," says Financial Transaction Reports and Analysis Centre official in a Jakarta Post report.
Picture Captions:
Pix 1: Here's what the S$10,000 bill looks like from the front ...
Pix 2: ... and we'll soon be seeing the back of the S$10,000 bill, which will no longer be issued from Oct 1
JAKARTA: Indonesia's Financial Transaction Reports and Analysis Centre (PPATK) has called on Singapore to withdraw all S$10,000 notes from the market, as it would be more effective to curb rampant corruption and money-laundering activities, according to Jakarta Post.
Singapore's Monetary Authority of Singapore (MAS) announced last Wednesday it would no longer be issuing the S$10,000 note from Oct 1 onwards, in a move to lower the risk of money-laundering.
A Jakarta Post report on Monday (July 7) cited PPATK Deputy Chairman Agus Santoso as saying that while the MAS move would "meaningfully" help Indonesia curb rampant corruption and money-laundering, withdrawing or imposing a new expiration date on the notes would be more effective.
"If the bill remained on the market, let's say until five to 10 years after its production stops, Indonesia would still be vulnerable to money-laundering and graft," Mr Agus said in the report.
"The S$10,000 bank note, which is not widely used in Singapore on a daily basis as legal tender, is the bill-of-choice for bribe players or graft suspects because they can exchange a large amount of rupiah for just a few bank notes," he added.
Jakarta Post said in almost every arrest of graft suspects, the Corruption Eradication Commission (KPK) has seized S$10,000 bills. For example, the KPK had confiscated several S$10,000 bills during the arrest of former Constitutional Court Chief Justice Akil Mochtar and former head of Upstream Oil and Gas Regulatory Special Task Force Rubi Rubiandini, the report added.
The Indonesian news agency also said Singapore will continue to print the S$1,000 bill, which is considered one of the world's most valuable bank notes.
- CNA/kk
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SINGAPORE
Singapore to stop issuing S$10,000 notes
POSTED: 02 Jul 2014 14:38
UPDATED: 03 Jul 2014 12:10
The move is meant to address the risk of money laundering through large value cash transactions: Monetary Authority of Singapore Deputy Managing Director Ong Chong Tee.
SINGAPORE: From Oct 1, S$10,000 notes will no longer be issued in a move to lower the risk of money laundering, the Monetary Authority of Singapore (MAS) said on Wednesday (July 2).
Speaking at the ABS Financial Crime Seminar on Wednesday, MAS Deputy Managing Director Ong Chong Tee said the development of more advanced and secured electronic payment systems has reduced the need for large value cash-based transactions.
Mr Ong added that the discontinuation of the note is not expected to create any major inconvenience. “Existing S$10,000 notes in circulation will remain legal tender, including all notes under the Currency Inter-changeability Agreement with Brunei. However, we expect the stock of such notes to dwindle over time, as worn notes are returned to us and not replaced,” he said.
In his speech, Mr Ong also said MAS plans to launch a public consultation on proposed amendments to its regulatory framework to tighten checks against money laundering and terrorist financing. 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.
- CNA/cy
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