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Singapore's latest Money Laundering National Risk Assessment Report says overall money laundering threats to Singapore casinos are "moderately high."
The report observed that for foreign clients in one of the city's two casino complexes, Resorts World Sentosa and Marina Bay Sands, "generally" their sources of wealth and funds would come from abroad.
"As there are greater challenges and complexities in tracking and obtaining information abroad, this increases the risk in relation to the casino's ability to verify the legitimacy of its funds," it said.
It was published by the Singaporean government on Thursday.
The report said the casino sector in the city-state had remained relatively stable for years, with total gaming revenue for the two casinos in the sector at approximately S$5.26 billion ($3.88 billion) as of the end of 2023.
The update said it observed that most STR [suspected transaction reports] filed by the country's Financial Intelligence Bureau at casinos were not related to potential money laundering crimes and were instead filed under criminal charges under the Casino Control Act or unfavorable news about casino customers
However, the gambling regulator added that it had imposed "comprehensive anti-money laundering/terrorist regime financing for casinos."
This was done through laws and regulations, namely the Casino Control Act, the country's Casino Control Regulations and Internal Control Regulations.
The report noted other steps to tighten control that "casino operators are prohibited from having game money within seven days where purpose and ownership cannot be verified."
The "other key money laundering threat" facing Singapore comes from "foreign organised crime, especially illegal online gambling," according to the updated assessment.
"In a recent money laundering case involving foreclosure and prohibited assets worth S$3 billion, several of the defendants were found guilty of laundering proceeds suspected of being the benefit of illegal online gambling by foreign organised crime groups."
The police investigation found that "these organisations were diverting money from illegal online gambling and were linked to an internationally active Chinese illegal gambling ring," the update said. It added that some of the money had been kept in Singapore's bank accounts.
"Despite strict laws and regulations on online gambling, and multifaceted enforcement measures, the easy installation or closure of illegal online gambling sites allows syndicates to still engage in illegal online gambling activities," the report said
According to the document, Singapore's government authorities "are making it a challenge to crack down on illegal gambling by operating illegal websites outside of Singapore."
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