If these money are laundered through Singapore banks, MAS will stand to lose its credibility.
To date, i am still puzzled why we issue the world largest denomination in cash notes ...the sing$1000 and the Sing$10,000.
These clearly facilitates large movement of cash across borders. ( a korean was caught with $6 million cash at Changi airport).. A professor from Harvard , Larry summers has proposed abolishing the use of the USD 100 bills. Can we also adopt and do the same..??
We do not know how many billions of cash are stored at our Changi Freeport by the rich, dirty and crooked foreigners.
If our MAS, finance minister and our PM want to be forthright on this, we should take steps to remove the use of the large denomination notes.
Otherwise, they are just turning their heads the other way..pretending that it is a non-issue and a non event.