Singapore, known for its strict laws and emphasis on security, is taking another step to tighten regulations around its two casinos in order to counter terrorism funding.
The Casino Regulatory Authority (CRA) announced on Monday that new measures will be put in place to prevent money laundering and terrorist financing through the city-state’s integrated resorts. The move comes after recent reports from the Financial Action Task Force (FATF) highlighting the risks of these activities at casinos.
Under the new rules, all patrons entering the casinos will be required to provide identification and undergo a thorough screening process. This includes checks against international watch lists and databases to ensure that individuals with suspicious backgrounds are not allowed entry.
Additionally, the CRA will be increasing its monitoring of transactions within the casinos, with enhanced scrutiny on large cash transactions and transfers. Any suspicious activities will be reported to the authorities for further investigation.
Singapore has long prioritized national security and has been vigilant in preventing terrorism funding within its borders. The two integrated resorts, Marina Bay Sands and Resorts World Sentosa, have been key targets for regulation due to their significant revenue and high-profile clientele.
In a statement, CRA Chairman Tan Siu Lin emphasized the importance of these new measures in maintaining the integrity of Singapore’s casino industry. “We take the risks of money laundering and terrorist financing very seriously, and we are committed to ensuring that our casinos remain free from illicit activities,” he said.
The new rules are expected to be implemented in the coming months, after consultations with the casino operators and relevant stakeholders. It is part of Singapore’s broader efforts to align with international standards on combating financial crimes and to protect its reputation as a safe and secure business hub.
Industry experts have lauded Singapore’s proactive approach to tightening casino regulations, noting that these measures will not only help to deter criminal activities but also enhance the country’s reputation as a responsible gambling destination.
With these new rules in place, Singapore is sending a clear message that it will not tolerate any form of illicit activities within its casinos, and is taking all necessary steps to safeguard its financial system and national security.
