In a bid to clamp down on money laundering and illicit financial activities, Singapore’s two integrated resorts, Marina Bay Sands and Resorts World Sentosa, will be implementing new cash transaction rules effective immediately.
The Casino Regulatory Authority of Singapore (CRA) announced the new measures, which are aimed at reducing the risk of illicit funds entering the casinos in the city-state. Under the new rules, patrons will now be required to provide documentation for cash transactions of S$10,000 or more within a 24-hour period.
This move comes after a series of high-profile cases involving the use of casinos for money laundering and terrorist financing activities. In recent years, Singapore has increasingly become a target for criminal organizations seeking to exploit its relatively lax regulations and reputation as a financial hub.
In a statement, the CRA emphasized the importance of maintaining the integrity of the gaming industry in Singapore. “We are committed to ensuring that our regulatory framework remains robust and effective in combating money laundering and other financial crimes,” said the CRA spokesperson.
The new cash rules represent a significant step towards achieving that goal. By requiring patrons to provide documentation for large cash transactions, the authorities hope to deter criminal elements from using the casinos as a means to launder their ill-gotten gains.
In addition to the new cash rules, the CRA has also strengthened its oversight of the casinos’ anti-money laundering measures. Regular inspections and audits will be conducted to ensure that the casinos are in full compliance with the regulations.
Marina Bay Sands and Resorts World Sentosa have expressed their support for the new measures, stating that they are fully committed to upholding the highest standards of integrity and transparency in their operations. Both integrated resorts have implemented stringent internal controls to detect and prevent money laundering activities.
The introduction of the new cash rules has been welcomed by anti-money laundering experts and industry observers. They believe that Singapore’s proactive approach to combating financial crimes sets a positive example for other jurisdictions in the region.
With these new measures in place, Singapore’s casinos are better equipped to deter and detect illicit financial activities, making the city-state a less attractive target for money launderers and criminal organizations. The CRA’s move is a clear signal that Singapore is serious about maintaining its reputation as a clean and reputable financial center.
