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9 individuals convicted for gambling with illegally-obtained money in S’pore casinos since 2010

Casinos are particularly vulnerable to money laundering.

Joshua Lee | July 9, 12:28 pm

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Nine individuals have been convicted of money laundering in Singapore’s two integrated resort casinos since they started operations in 2010.

This was provided by Minister for Home Affairs K Shanmugam in response to a parliamentary question filed by Member of Parliament Patrick Tay Teck Guan.

“Since the casinos started operations in 2010, the Commercial Affairs Department (CAD) has detected nine individuals who used criminal proceeds in the casinos,” he wrote.

All nine were prosecuted and convicted for money laundering offences, he added.

Casinos vulnerable to money laundering

Casinos are particularly vulnerable to money laundering.

They are cash-intensive businesses, which operate like financial institutions. Similar to banks, they provide a range of financial services like currency exchange, fund transfers, and deposit services.

Yet, they do not have the same anti-money laundering controls that financial institutions, such as banks, have.

Casinos are hence a common tool for money launderers to “wash” money derived from vice activities.

The Law Gazette provides a quick explainer on how money launderers use casinos to cash out “clean money”.

S’pore has robust framework to deal with money laundering

In his reply, Shamugam also said Singapore has a robust framework for dealing with money laundering in casinos.

Casino operators are required by the Casino Regulatory Authority (CRA) to conduct customer due diligence and monitor for suspicious transactions.

The Corruption, Drug Trafficking and Other Serious Crime (Confiscation of Benefits) Act penalises the laundering of benefits derived from vice activity, such as drug dealings and criminal conduct.

Individuals convicted of money laundering offences are liable to a fine not exceeding S$500,000 and/or a term of imprisonment not exceeding 10 years.

Top image via online-casino.com.sg

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