Singapore has established a competent policy regarding gambling regulation
Tan Tek Wang, General Counsel at CRA, attended the annual IAGR conference, and participated in a discussion on the difficulties of decision-making by regulators while balancing multiple interests.
Singapore uses an inter-agency approach to managing casino resorts. The country's Ministry of Commerce & Industry, as well as Singapore Tourism Board ensure that casino resorts develop economically, while other ministries, including the CRA, oversee management.
The CRA also works closely with the Department of Social and Family Development on social guarantees related to gambling.
The General Counsel stated that the CRA has a comprehensive regulatory tool. He clarified that this refers to such instruments as financial sanctions, refusal to issue a license or revocation of a license, as well as the authority to refer requirements to licensees to correct actions in case of violation of CRA rules.
Tan Tek Wang believes that when choosing a type of sanction, regulators should consider the level of culture of licensees, as well as the ability and willingness to comply with regulatory requirements.
Josephine Teo - Labor and Home Affairs Minister said it was necessary to consolidate the regulatory functions of casinos in Singapore. As reasons for greater consolidation of roles, she cited regional casino competition and the need to continually improve the quality of work.
In the report for the 2017 fiscal year, the number of fines imposed on two operators of casino resorts decreased by 63.6% compared with the previous fiscal year. It is also noted that fines from April 1, 2017 to March 31 amounted to 60,000 Singapore dollars ($ 43,457), whereas for the same period of 2016, this amount was about $ 120 thousand.
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