Hong Kong (HK)

Jurisdiction Overview

IDQuestionAnswer
488 *Does the jurisdiction issue or accept circulation of large banknotes/cash bills of its own currency (of value greater than 200 EUR/GBP/USD)? No
 Data Date: 2019

Notes

 
The highest denomination of the Hong Kong Dollar is HKD 1,000 equivalent to approx. USD 128 as of 04.12.2019 (xe.com).
 
"Hong Kong also issues a HK$1,000, worth roughly US$130. The outstanding volume of HK$1,000 notes at US$21.8bn is about six times greater than it was in 1997 and almost 8% of GDP. Although it represents 49% of the total outstanding value of HK$ currency, the HK$1,000 note is not widely used or accepted. Some claim it is the “medium of choice” for mainland-based money laundering."

Sources

Hong Kong Monetary Authority
 
http://www.hkma.gov.hk/eng/key-functions/monetary-stability/notes-coins-hong-kong/notes.shtml
 
Sands, P. (February 2016), Making it harder for the bad guys: The case for eliminating high denomination notes. M-RCBG Associate Working Paper Series No. 52: p.33.
 
http://www.frankvogl.com/s/Peter-Sands-report-EliminatingHDNfinalXYZ.pdf
 
https://www.xe.com