Singapore Police Arrest 14 for Illegal Money Exchanges at Marina Bay Sands
A police operation conducted at Marina Bay Sands (MBS) casino resort in Singapore on September 5 and 6 led to the arrest of 14 individuals suspected of conducting illegal foreign currency exchange and remittance activities within the casino. The operation was a coordinated effort involving multiple agencies, with support from the MBS casino resort, according to a press release issued by the Singapore Police Force on September 6.
A Singapore police cruiser on patrol. (Source: Wikicommons)
LISTEN TO THIS ARTICLE:The arrested individuals, 13 of whom were from mainland China, were allegedly involved in exchanging Singapore currency for Chinese currency and vice versa. This information was reported by The Straits Times, citing court documents. Preliminary investigations by the police revealed that 24 people were engaged in providing unlicensed payment services, which included foreign currency exchanges, remittances, and the buying and selling of casino chips to patrons inside the casino premises.
Related: Singapore's Marina Bay Sands Casino Resort to Add Another Hotel TowerThe Singapore Police Force did not provide specific details about the nationalities of all the suspects in their official statement but confirmed that 24 individuals, comprising 17 men and seven women, aged between 27 and 58, were under investigatation. Out of the 24, 14 were formally arrested and were on the docket to appear in court on September 7. The investigation into their activities is ongoing, and authorities are working to determine the full extent of the illegal operations.
During the operation, the police seized over SGD190,000 (US$145,843) in cash and casino chips, along with several electronic devices that were believed to have been used in the unlicensed transactions. The seized items are now part of the evidence as the investigation progresses. The operation underscores Singapore’s strict regulatory stance on financial and gaming activities within the country.
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Multiple Punishments for Multiple Crimes
The Payment Services Act 2019 governs the legal framework for providing payment services in Singapore. Under this law, individuals found guilty of providing unlicensed payment services, such as unauthorized foreign currency exchange or remittance services, can face severe penalties. Offenders can be fined up to SGD125,000 (US$95,637), sentenced to imprisonment for up to three years, or both.
Additionally, the Casino Control (Conduct of Gaming) Regulations 2009 stipulates that casino chips should only be used for playing games or tipping within the casino premises. Any other use of casino chips is considered illegal. Individuals convicted of such offenses can face fines of up to SGD10,000 (US$7,651) or imprisonment for up to 12 months, or both.
MBS, one of Singapore’s most prominent casino resorts, has strict compliance protocols to ensure that all activities on its premises adhere to local laws and regulations. The resort management cooperated with the police during the operation, reinforcing its commitment to maintaining a safe and legal environment for its patrons.
Singapore has established itself as a hub for regulated financial and gaming industries, and the authorities continue to enforce stringent measures to prevent unlawful practices. However, in recent years, it has faced heightened scrutiny over its money-management policies. A multibillion-dollar money-laundering scandal continues to impact different markets, including gambling, real estate and others.
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