Singapore’s recent $2.23 billion money laundering case has heightened the risk faced by casino operators around the world.
Singaporean legal expert Lau Kok Keng warned that even approved offshore companies may face prosecution in Singapore if profits are illegally transferred to Singapore.
The case involved an online gambling gang from a certain country that used Singapore to launder money.
Their lavish lifestyle aroused suspicion, leading to raids and asset seizures. While the lawsuit focuses on illegal gambling, Keng also laid out the potential risks for licensed businesses.
Singapore law considers any foreign gambling profits to be “proceeds of crime” if they are used for money laundering.
This could deter foreign operators from investing in Singapore even if they are fully licensed elsewhere.
