Suspected Money Laundering Cases Detected, Investigated and Reported since Integrated Resorts Commenced Operations
Ministry of Home AffairsSpeakers
Summary
This question concerns suspected money laundering at Integrated Resorts and the measures implemented to detect such activities since operations commenced. Mr Gan Thiam Poh enquired about the number of cases detected and the oversight role of the Gambling Regulatory Authority. Minister K Shanmugam replied that 11 individuals have been convicted for laundering criminal proceeds, noting that the Gambling Regulatory Authority mandates customer due diligence and periodic transaction monitoring. He highlighted that the Authority conducts regular inspections and imposes financial penalties for non-compliance to ensure robust safeguards are maintained. Furthermore, the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act provides for stiff penalties and was recently enhanced to strengthen enforcement.
Transcript
97 Mr Gan Thiam Poh asked the Minister for Home Affairs (a) whether there have been any cases of suspected money laundering detected and investigated since the integrated resorts commenced their businesses; (b) if so, how many cases have been reported to the Casino Regulatory Authority; and (c) what are the additional measures taken to detect and prevent money laundering at the integrated resorts.
Mr K Shanmugam: Since the Integrated Resorts started operations in 2010, the Police have detected 11 individuals who used criminal proceeds in the casinos. All 11 individuals were prosecuted and convicted for money laundering offences.
All of these cases were reported to and investigated by the Police. The Gambling Regulatory Authority (GRA) has not directly received reported cases of money laundering.
There is a framework to prevent money laundering in the casinos. GRA requires the casino operators to put safeguards in place, such as conducting customer due diligence checks and periodic monitoring of patrons’ transactions.
GRA conducts regular inspections of the casino operators. Where non-compliance is detected, GRA will require the casino operators to implement rectification measures. GRA will also take regulatory action against the casino operator, such as imposing financial penalties, where merited.
We also have tough penalties to deter money laundering. The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) criminalises the laundering of benefits derived from drug dealing and other criminal conduct. Individuals convicted of money laundering offences are liable to a fine of up to S$500,000 and/or a term of imprisonment of up to 10 years. In May this year, we enhanced CDSA by introducing new offences to allow the Police to act more effectively against money laundering.