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No money laundering detected in Singapore's casinos
Singapore authorities said money laundering activities have yet to be detected in the casinos.
This was said at a news conference at the end of the 13th Annual Meeting of the Asia Pacific Group (APG) on money laundering on Friday.
Casinos have a high volume of daily cash transactions which makes them vulnerable to money laundering risks.
Singapore authorities said they have measures in place that are necessary to prevent money being illegally siphoned in and out of the country.
Every transaction above ten thousand dollars in the casino has to be reported to the authorities.
Ong Hian Sun, director, Commercial Affairs Department, Singapore Police Force, said: “So, if you talk about money laundering in the casino they are actually very well regulated, it's not so easy to launder the money. If anything, people will try to perhaps get round this S$10,000 threshold."
Singapore has also received recognition for the standards put in place by the Financial Action Task Force, an inter-governmental body which develops policies on money laundering and terrorists financing.
Mr Ong added: "We have achieved 43 largely compliant, as well as compliant ratings out of the 49 ratings. This is quite remarkable by any standards."
Singapore's Casino Regulatory Authority was established two years ago to ensure that casino operations remain free from criminal influence.
The casino at Resorts World Sentosa was opened in February this year while the one at Marina Bay Sands started operations three months ago.
During the week-long meeting, the APG also discussed emerging methods and trends on money laundering and terrorists financing.
These include money laundering associated with kidnapping for ransom, charities, carbon emissions trading scheme and human trafficking.
The difficulty of proving that Singapore is indeed a sinful, corrupt city with all the ills of a decadent state. Only the fall of PAP shall the truth surface.
Singapore authorities said money laundering activities have yet to be detected in the casinos.
This was said at a news conference at the end of the 13th Annual Meeting of the Asia Pacific Group (APG) on money laundering on Friday.
Casinos have a high volume of daily cash transactions which makes them vulnerable to money laundering risks.
Singapore authorities said they have measures in place that are necessary to prevent money being illegally siphoned in and out of the country.
Every transaction above ten thousand dollars in the casino has to be reported to the authorities.
Ong Hian Sun, director, Commercial Affairs Department, Singapore Police Force, said: “So, if you talk about money laundering in the casino they are actually very well regulated, it's not so easy to launder the money. If anything, people will try to perhaps get round this S$10,000 threshold."
Singapore has also received recognition for the standards put in place by the Financial Action Task Force, an inter-governmental body which develops policies on money laundering and terrorists financing.
Mr Ong added: "We have achieved 43 largely compliant, as well as compliant ratings out of the 49 ratings. This is quite remarkable by any standards."
Singapore's Casino Regulatory Authority was established two years ago to ensure that casino operations remain free from criminal influence.
The casino at Resorts World Sentosa was opened in February this year while the one at Marina Bay Sands started operations three months ago.
During the week-long meeting, the APG also discussed emerging methods and trends on money laundering and terrorists financing.
These include money laundering associated with kidnapping for ransom, charities, carbon emissions trading scheme and human trafficking.
The difficulty of proving that Singapore is indeed a sinful, corrupt city with all the ills of a decadent state. Only the fall of PAP shall the truth surface.
