08 Jul 2019

Written Reply to Parliamentary Question on Money Laundering Cases at Casinos, by Mr K Shanmugam, Minister for Home Affairs and Minister for Law

Question:

Mr Patrick Tay Teck Guan: To ask the Minister for Home Affairs since the start of operation of the two integrated resorts, how many cases of money laundering at each of the two casinos have been (i) detected and investigated (ii) prosecuted and (iii) convicted annually.

 

Answer:

  1. Since the casinos started operations in 2010, the Commercial Affairs Department (CAD) has detected nine individuals who used criminal proceeds in the casinos. All nine individuals were prosecuted and convicted for money laundering offences.

     

  2. There is a robust framework to prevent money laundering in the casinos. The casino operators are required by the Casino Regulatory Authority to put safeguards in place, such as conducting customer due diligence and monitoring for suspicious transactions. In addition, we have tough penalties to deter money laundering. The Corruption, Drug Trafficking and Other Serious Crime (Confiscation of Benefits) Act criminalises the laundering of benefits derived from drug dealing and criminal conduct. Individuals convicted of money laundering offences are liable to a fine not exceeding S$500,000 and/or a term of imprisonment not exceeding 10 years.
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