Singapore $10,000 note is a popular choice for bribery for individuals in Indonesia

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An honorable member of the Coffee Shop Has Just Posted the Following:

INDONESIA CALLS ON SINGAPORE TO COMPLETELY GET RID OF ALL $10,000 NOTES

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7 Jul 2014 - 6:18pm








The Monetary Authority of Singapore recently announced that they would stop issuing $10,000 notes to fight money laundering and criminal activity. They explained that all $10,000 notes currently in circulation would remain legal tender and still be able to be used.
(see: MAS: We will stop issuing the $10,000 note from October 1st)
However Indonesia's Financial Transaction Reports and Analysis Centre (PPATK) has called on Singapore to recall all the notes currently in circulation and remove it as legal tender.
PPATK Deputy Chairman Agus Santoso explained that the Singapore $10,000 note is a popular choice for bribery for individuals in Indonesia.
Mr Agus estimated that even after the notes were printed, they would still be in circulation for 5 to 10 years and would still pose a significant risk in money laundering activities.
The $10,000 note is not used on a daily basis in Singapore and so it's use is often linked to bribery.
The Jakarta Post highlighted that in almost every arrest of graft suspects in Indonesia, Singapore $10,000 notes have been seized.
Even after the removal of the $10,000 note, Singapore's next biggest denominator, the $1000 note is still considered to be one of the world's most valuable bank notes.


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