The Financial Action Task Force has highlighted the Gambling Regulatory Authority’s “high-level understanding” of money laundering risks.
Singapore.- The Financial Action Task Force (FATF) has praised Singapore’s Gambling Regulatory Authority (GRA) for its oversight of the casino sector. In its latest Mutual Evaluation Report on Singapore, the Paris-based watchdog said the GRA demonstrated a “high-level understanding” of money laundering and terrorist financing risks tied to gambling, while applying “stringent supervision” over the country’s two casino operators: Marina Bay Sands and Resorts World Sentosa.
The assessment covered the period between 2020 and 2024 and included both on-site and off-site reviews conducted by FATF as part of its peer evaluation process. According to the report, the GRA has developed a strong grasp of sector risks through environmental scans, monitoring of local and international typologies, participation in industry discussions and engagement with domestic and foreign counterparts.
It said the regulator had demonstrated a “clear understanding of institutional risks” and praised the regulator’s supervisory model while noting that Singapore’s limited number of casinos allowed the GRA to apply a “rigorous supervisory approach”. It highlighted the use of both on-site and off-site tools, including examinations, internal audit reviews and data analysis, with focused inspections conducted throughout each three-year casino licence cycle.
In a statement shared on social media, the GRA welcomed the findings, saying the FATF had recognised its “strong regulatory approach in combating money laundering and countering the financing of terrorism and proliferation financing within the casino sector.”
The Financial Action Task Force has highlighted the Gambling Regulatory Authority’s “high-level understanding” of money laundering risks. Singapore.- The Financial Action Task Force (FATF) has praised Singapore’s Gambling Regulatory Authority (GRA) for its oversight of the casino sector. In its latest Mutual Evaluation Report on Singapore, the Paris-based watchdog said the GRA demonstrated a “high-level…
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