Sylvia Lim on Casino Control (Amendment) Bill
In the money laundering space, the casino industry is considered one of the non-financial sectors that poses significant risks, and this is to be expected, said MP Sylvia Lim. Speaking in Parliament on Tuesday (Sep 10), she said the anti-money laundering measures under the Casino Control (Amendment) Bill are particularly prudent. These include enabling casino operators to share information directly with each other so that those in the industry can act more quickly to prevent money laundering, terrorism financing and proliferation financing. She said the effectiveness of these enhanced measures lies not just in the design but in the implementation. Much work will be needed by casino operators who will have to review their standard operating procedures and systems, as well as train staff to understand their roles. The Gambling Regulatory Authority’s role is also critical as it works with casino operators to literally “raise their game”, she said. Ms Lim also sought clarification on the swap in the approving authorities for ownership changes and the introduction of harsher punishments.
In the money laundering space, the casino industry is considered one of the non-financial sectors that poses significant risks, and this is to be expected, said MP Sylvia Lim. Speaking in Parliament on Tuesday (Sep 10), she said the anti-money laundering measures under the Casino Control (Amendment) Bill are particularly prudent. These include enabling casino operators to share information directly with each other so that those in the industry can act more quickly to prevent money laundering, terrorism financing and proliferation financing. She said the effectiveness of these enhanced measures lies not just in the design but in the implementation. Much work will be needed by casino operators who will have to review their standard operating procedures and systems, as well as train staff to understand their roles. The Gambling Regulatory Authority’s role is also critical as it works with casino operators to literally “raise their game”, she said. Ms Lim also sought clarification on the swap in the approving authorities for ownership changes and the introduction of harsher punishments.
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