TLDR FATF identified scams, cyber-enabled fraud, and illegal gambling as the top money laundering threats facing Singapore in its latest evaluation report Singapore’s casino regulatory framework received positive marks, with strict oversight of Marina Bay Sands and Resorts World Sentosa Authorities uncovered a $2.3 billion money laundering case in 2023 involving luxury assets and cryptocurrency Over 11,000 money laundering investigations were conducted in five years, but only 682 led to prosecution Singapore received positive FATF ratings and moved into normal follow-up, an improvement from its 2016 enhanced follow-up status
The Financial Action Task Force has released its latest mutual evaluation report on Singapore, identifying scams, cyber-enabled fraud, and illegal gambling as the country’s top money laundering threats.
The report, published on May 6 in partnership with the Asia/Pacific Group on Money Laundering, assessed Singapore’s anti-money laundering and counter-terrorism financing framework. FATF said the city-state has a strong understanding of its financial crime risks.
Singapore’s role as a major international financial and wealth management hub exposes it to illicit financial flows tied to transnational criminal activity. Cross-border organized crime and illegal gambling operations were singled out as ongoing concerns.
FATF said scams and fraud represent the highest money laundering threat for Singapore. Corruption, tax crimes, and illegal gambling also ranked among the main offenses linked to laundering activity in the country.
Casino Oversight Gets Positive Review
Despite the broader financial crime concerns, FATF gave Singapore’s casino regulatory framework a positive assessment. The Gambling Regulatory Authority was praised for demonstrating a strong understanding of anti-money laundering risks in the gambling sector.
The two integrated resort operators, Marina Bay Sands and Resorts World Sentosa, are subject to stringent supervision. Both casinos have put in place mechanisms for customer due diligence and transaction monitoring.
Between 2020 and 2024, regulators conducted 16