Lee Tzu Yang, chairman for the Casino Regulatory Authority Of Singapore, has asked for the help of international law enforcement agencies to fight transnational crime and international terrorism as the technology of gaming continues to become more sophisticated.
Lee made the plea last week during the fourth-annual Singapore Symposium On Casino Regulation And Crime, which was attended by representatives from 16 jurisdictions representing 11 jurisdictions.
Lee told attendees, “The industry is dynamic and continues to change,” adding “Asia continues to be a source of growth for the industry. While many Asian countries plan for legislation, the entities they seek to regulate are often part of larger regional or international organizations, which are already operating in other jurisdictions.”
He called on international regulators to share information in the face of criminals who nimbly change their behavior and to cooperate in installing controls that will allow no exploitation.
Lee said, “Casinos are cash-intensive businesses that operate 24-hours-a-day with a high volume of different transactions taking place including financial activities such as money exchange, money transfers, cashing of checks and so on.”
They lend themselves to money-laundering and to the financing of international terrorism, he said. “We know that the presence of casinos will likely increase the incidence of problem gambling in society and resulting social issues and give rise to potential for criminal exploitation and dishonest gaming. In Singapore, we take this carefully into account in the work of the Casino Regulatory Authority Of Singapore.”
Singapore first issued a casino license in 2007, to the Genting Group, which built the $4.9 billion Resorts World Sentosa. The second license was for the $5.9 billion Marina Bay Sands hotel and casino, which opened three months later.
