“The Ministry of Home Affairs and CRA are reviewing the legislative thresholds in the Casino Control Act with a view to lowering these thresholds further to fully comply with the FATF Standards,” the CRA said.
The Financial Action Task Force said last year the city-state had inadequate customer due diligence requirements for entities such as casinos and real estate agents. It said “moderate shortcomings are still affecting” the two sectors, without citing any companies.
The FATF report published in November is the third follow-up to the 2016 mutual evaluation report on Singapore.
Last year, the Singapore government agreed to extend licenses to operate casinos held by Genting Singapore Ltd. and Las Vegas Sands Corp. to 2030, in exchange for pledges to invest a combined $9 billion in tourism projects.
