Latest Junket news Rules for Casino junkets

AN HOUR before the high-roller touches down in Singapore, and all his details would already have been sent to the Casino Regulatory Authority of Singapore (CRA) - going by new rules released on Thursday.

The rules are even stricter on the casino operator and the junket promoter and its representatives, who bring in the big spenders. They will be required to disclose details of their financial history before being licensed to work here. Flout these rules and they face penalties of up to $400,000.

Junket operators and analysts The Straits Times spoke to said that the rules are in line with what other jurisdictions require, although they admit that some high-rollers may stay away from Singapore if they want their movements kept private.

Before coming up with the rules, the CRA looked at how junket operations are regulated in the United States, Australia and Macau, said its spokesman.

'We are a leading financial centre with a high level of safety and security as a competitive advantage,' she said. 'We developed a junket licensing regime that would be suitable for Singapore's local context.

'It is developed to facilitate a conducive environment for junkets to operate in Singapore, without compromising on law and order considerations.'

from SPH by limjess
 

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