Singapore Warns: Gambling Abroad Could Mean Money Laundering Charges

Singapore’s recent $2.23 billion money laundering case raises the stakes for global casino operators.

Legal expert Lau Kok Keng warns that even approved offshore firms may face Singaporean prosecution if profits are illegally channeled into the city-state.

The case concerned a Chinese online gambling ring that targeted mainland China and used Singapore for money laundering.

Their extravagant lifestyle arouse suspicion, resulting in raids and asset seizures. While the lawsuit focuses on illicit gaming, Keng also demonstrates the potential risk for licensed businesses.

Singapore law considers any foreign gaming profits to be “proceeds of crime” if they are utilized for money laundering.

This could discourage foreign operators from investing in Singapore, even if they are fully licensed elsewhere.

Original Story by: Asian Gaming Brief