Money laundering yet to be detected in S'pore casinos

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Money laundering yet to be detected in S'pore casinos

Postby DM101 » Fri Jul 16, 2010 1:37 pm

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SINGAPORE: Singapore authorities say the country's two casinos are safe from money laundering so far.

Director of the Commercial Affairs Department of the Singapore Police Force, Ong Hian Sun says money laundering activities have yet to be detected in the casinos.

Mr Ong revealed this to reporters at a news conference at the end of the 13th Annual Meeting of the Asia Pacific Group on money laundering Friday.

He pointed out that Singapore has put in place measures that are necessary to prevent money being illegally siphoned in and out of the country.

"What we have in place is of course is that every transaction above 10,000 dollars in the casino they have to be reported and we are collecting all this information.

"So, if you talk about money laundering in the casino they are actually very well regulated, it's not so easy to launder the money. If anything, people will try to perhaps get round this 10,000 dollars threshold."

The Casino Regulatory Authority, CRA, was established two years before the casinos were opened.

The casino at Resorts World Sentosa opened in February this year and the Marina Bay Sands casino started operations three months ago.

The Asia Pacific Group on money laundering also gave the thumbs up to Singapore's supervisory and regulatory framework.

In its 2008 report, Singapore scored 43 out of the 49 compliant ratings. - CNA/jm

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Re: Money laundering yet to be detected in S'pore casinos

Postby similan » Mon Jul 19, 2010 5:57 pm

obviously they're not going to report that there's money laundering.. hello who would be so dumb to announce that you can wash your money in a casino.. its like common sense.
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