Singapore has recently implemented a new rule aimed at preventing the misuse of casinos for terrorism financing, in line with the Financial Action Task Force (FATF) guidelines.
The new rule requires all licensed casino operators in Singapore to conduct enhanced due diligence on their customers, particularly those engaging in high-value transactions. This includes verifying the source of funds and conducting ongoing monitoring to detect any suspicious activities.
The move comes as part of Singapore’s commitment to combat money laundering and terrorism financing, in accordance with international standards set by the FATF. The FATF is an intergovernmental organization that sets global standards for combating money laundering and terrorism financing.
Singapore has long been known for its strict regulatory regime when it comes to casinos, with operators required to adhere to stringent anti-money laundering and counter-terrorism financing measures. The introduction of this new rule further strengthens Singapore’s efforts to safeguard its financial system from being used for illicit purposes.
According to the Casino Regulatory Authority (CRA) of Singapore, the new rule is part of a broader strategy to enhance the overall integrity of the casino sector and protect against the risks of money laundering and terrorism financing. The CRA has stated that it will work closely with operators to ensure compliance with the new requirements.
In a statement, the CRA emphasized the importance of collaboration between the government and industry stakeholders to effectively combat financial crimes. It also highlighted the need for robust compliance measures and ongoing vigilance to prevent illicit activities in the casino sector.
The new rule has been welcomed by industry observers, who view it as a positive step towards strengthening Singapore’s anti-money laundering and counter-terrorism financing framework. They believe that the enhanced due diligence requirements will help deter criminal elements from using casinos as a vehicle for illicit financial activities.
Overall, Singapore’s new rule to prevent the misuse of casinos for terrorism financing demonstrates its unwavering commitment to upholding global anti-money laundering and counter-terrorism financing standards. By aligning itself with FATF guidelines, Singapore is taking proactive steps to safeguard its financial system and protect its reputation as a trusted and responsible jurisdiction for casino operations.
