Singapore authorities have described the threat of money laundering activity taking place through the nation’s land-based casinos as “moderately high” but said the nature of gaming means the casinos are likely seen as a less attractive option to criminals than other sectors.
The nature of Singapore’s money laundering threats was outlined in a new report jointly released by the Ministry of Home Affairs, the Ministry of Law and the Monetary Authority of Singapore last week, which also found that online gambling gives greater cause for concern.
“Despite strict laws and regulations against online gambling, and multi-pronged enforcement actions, syndicates are still able to conduct illegal online gambling activities due to the ease of setting up or shutting down of an illegal online gambling site,” it says. “The ability to host these illicit websites outside of Singapore makes clamping down on illegal gambling a challenge for law enforcement agencies.
“Syndicates are also able to use alternative payment methods such as cryptocurrencies and illegal payment platforms which make the detection of suspicious transactions or money tracing difficult.”
According to the report, foreign fraud, and particularly cyber fraud, pose some of the greatest money laundering threats in Singapore. It also pointed to the banking sector as one of concern.
