A report published jointly by the Ministry of Home Affairs, the Monetary Authority of Singapore and the Ministry of Finance, has underlined the significant vulnerability of the casino sector when it comes to money laundering in the region.
Key to the report’s findings is the usage of cash within the casino industry, which it describes as a potential avenue to enable the proceeds of environmental crime to be wrongly legitimised by criminals.
Titled the “Environmental Crimes Money Laundering National Risk Assessment”, it did praise the awareness of the casino sector, given there has been reports that have highlighted potentially risky transactions.
It comes amidst efforts to combat wider money laundering and financial crime in the region, specifically when it comes to wildlife trafficking, with authorities looking to eliminate potential sources for criminals to launder money.
The report also underlined just how significant the impact of fraud and illicit activity is to the country’s economy, with it being reported that on yearly basis environmental crimes generate in excess of $110 billion.
Furthermore, Singapore’s land based casino sector has experienced growth in terms of engagement in recent years, mirroring the success of neighbouring Macau resorts.
The whole market in the region has experienced an uplift as the recovery from the pandemic has continued, with Macau specifically enjoying a resurgence in recent times.
