SINGAPORE: Last week, the Ministry of Home Affairs, the Ministry of Law, and the Monetary Authority of Singapore released a new report on the money laundering threats to the country.
It also identified other non-financial businesses and professions that carry money laundering risks, including real estate, licensed trust companies, casinos and precious stones and metals sectors. Remote gambling operations are lucrative and can potentially become a source or conduit of funds for and other illegal activities,” the report pointed out.It added that illegal online gambling is transnational and is on a large-scale basis, with bets taken from numerous players across several countries.
Remote gambling from overseas operators is also against the law in the country as long as their customers are in Singapore.
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