By Lee Jia Xin
AS CASINOS are vulnerable to money laundering risks, Singapore
has taken preemptive steps to stamp it out, said Law and Second
Home Affairs Minister S. Shanmugam on Tuesday.
Casinos have been listed by the Financial Action Task Force
(FATF) as one of seven designated non-financial businesses and
professions susceptible to money laundering risks.
'We are aware of these risks. That was why even before the first
foundations of these resorts were laid, we had taken steps to
establish the Casino Regulatory Authority in 2008 - two years
before the casinos opened,' said Mr Shanmugam at an Asia-Pacific
meeting on money laundering on Tuesday morning.
The CRA has mandated comprehensive regulations for casinos,
which are prescribed in the Casino Control (Prevention of Money
Laundering and Terrorism Financing) Regulations under the Casino
Control Act.
'These are benchmarked against FATF standards, and on par with
regimes applied by other jurisdictions on their casinos - such as
the United States and Australia,' said Mr Shanmugam. 'This
preemptive approach is another example of our determination to keep
money laundering and terrorist financing off our shores.'
The minister also stressed the need for the FATF and its
regional body to develop new ways to measure a regime's
effectiveness in detering financial crimes.
The focus must not only be on convictions rates but measuring
the actual level of deterrence and disruption, he said, adding: 'A
more comprehensive set of indicators is needed, one that takes into
cognizance each jurisdiction's unique circumstances so that
initiatives are operationalised pragmatically ... in the fight
against financial crimes.'