Singapore is set to tighten its casino regulations in an effort to combat terrorism funding, according to a recent report by Bloomberg.
The move comes as part of a broader effort by the Singaporean government to crack down on potential sources of financing for terror groups. The country has been on high alert in recent years following a string of terrorist attacks in the region, including the 2016 bombing at a nightclub in Bali.
According to the report, the new regulations will require casinos in Singapore to conduct more thorough background checks on their customers, particularly those who are making large transactions. This includes requiring customers to provide more detailed information about their sources of income and wealth, as well as their reasons for visiting the casino.
In addition, the new regulations will also require casinos to report any suspicious transactions to the authorities, in line with international standards for combating money laundering and terrorist financing.
Singapore is home to two major casinos, Marina Bay Sands and Resorts World Sentosa, which are among the most popular tourist attractions in the city-state. The government has long been concerned about the potential for these casinos to be used as a front for criminal activities, including terrorism financing.
In recent years, Singapore has taken a number of steps to strengthen its anti-terrorism measures, including passing new laws to crack down on radicalization and improving its intelligence-sharing capabilities with other countries.
The tightening of casino regulations is just the latest in a series of measures aimed at preventing terror financing in Singapore. The government has also stepped up its efforts to monitor and regulate the flow of funds through the country’s financial system, particularly in sectors that are considered high-risk for money laundering.
The new regulations are expected to come into effect in the coming months, with the government planning to work closely with the casino operators to ensure compliance.
Overall, the move reflects Singapore’s commitment to maintaining its reputation as a safe and secure destination for tourists and businesses, while also sending a strong message to potential terrorists that the country will not tolerate any form of support for their activities.
