The unpredictable nature of gaming and the possibility of losing money make casinos less attractive to criminals.
SINGAPORE – Casinos everywhere tend to be awash with cash and so are prime venues for money laundering, but there is no evidence that the gambling facilities in Marina Bay Sands and Resorts World Sentosa have been involved in such activity.
One involved a programmer at a bunkering firm who used most of his ill-gotten commissions totalling about $1.9 million to buy chips at one of the casinos. The updated report said most of the suspicious transactions reports filed by casinos here did not relate to potential money laundering offences but involved possible breaches of the Casino Control Act or were filed following adverse news on patrons.
The GRA noted that breaches largely occurred due to human error, resulting in a deviation from the standard operating procedures. These insurers largely write Singapore onshore risks, so the possibility of foreign illicit funds flowing directly into the sector is low. Loans disbursed by pawnbrokers are domestic in nature, and are disbursed to clients who must be physically present at the outlet to pawn their pledges.
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