Global General

Singapore casinos yet to detect money laundering

(Xinhua)
Updated: 2010-07-16 17:08

SINGAPORE - Singapore authorities on Friday said that its two casinos have so far been safe from money laundering.

Director of the Commercial Affairs Department of the Singapore Police Force, Ong Hian Sun said money laundering activities have yet to be detected in the casinos, local TV broadcaster Channel NewsAsia reported.

He pointed out that Singapore has put in place measures that are necessary to prevent money being illegally siphoned in and out of the country.

"What we have in place is that every transaction above 10, 000 Singapore dollars (US$ 7,194 ) in the casino they have to be reported and we are collecting all this information."

Singapore established the Casino Regulatory Authority two years before the casinos were opened here. The casino at Resorts World Sentosa opened in February this year and the Marina Bay Sands casino started operations three months ago.