Singapore ramps up regulations on casinos to combat terror financing, money laundering

Singapore’s casinos are making adjustments to enhance their ability to combat money laundering and terrorism financing, aligning with FATF standards, according to the Gambling Regulatory Authority (GRA). A recent fine of S$2.25 million was imposed on Resorts World Sentosa for failing to conduct necessary checks, the largest penalty ever imposed on a casino operator by GRA.

Singapore’s updated National Strategy for Countering the Financing of Terrorism, released by the Ministry of Home Affairs, Ministry of Finance, and the Monetary Authority of Singapore, includes a new threshold for due diligence checks. The authorities emphasize the risks posed by Singapore’s status as an international hub for finance, business, and transportation, and the evolving global terrorism landscape.

Singapore’s efforts to identify and address terrorism financing risks involve close collaboration between government agencies, private sector, and academia. Key threats identified include fundraising for terrorist activities overseas, self-radicalised individuals, and emerging typologies in digital payments and non-profit organizations.

The country’s comprehensive approach aims to prevent, detect, investigate, and enforce against terrorism financing, with a focus on partnership with industry stakeholders and international bodies like FATF.

For more information, you can read the original article on CNA.