Singapore Sheldon must be vigilant

In a few months, Las Vegas Sands will open the first casino in
Singapore, a place known for its strict rules. Ignorance of the law
there is no excuse whether you’re committing a high crime or chewing
gum. They take their rules very seriously.

Now Singapore’s Casino Regulatory Authoriity is preparing to
police the gambling industry. And, as you would expect, it’s taking
its job to heart. Home Affairs Minister Wong Kan Keng recently made it
clear that Singapore would brook no funny business. He said, “as a new
casino jurisdiction, organized crime groups may view Singapore as an
east target.”

My guess is Singapore will be anything but that.

According to an article on the Casino Compliance Web site, Singapore
officials intend to very closely scrutinize the business being done at
the Marina Bay Sands and World Sentosa casinos to avoid the shame of
Macau.

Officials had been quite secretive about their plans. “But as the
opening of the casinos draws closer, the CRA is keen to increase
public awareness of its work and ensure that the two casino operators,
Las Vegas Sands and Genting International, are put on notice of the
potential challenges ahead,” the story says.

  “One major risk area is money laundering, given Singapore’s status
as a global hub for financial services and wealth management,” Wong
said.