Singapore Mulls Family Office Rules as Launderer Ties Probed
- Financial regulator reviewing process for awarding incentives
- Official says will study if further measures required
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Singapore is investigating the role that some single family offices played in one of the city’s largest money laundering cases and weighing further rules on the sector.
Authorities found that one or more of the accused in the case involving more than S$2.8 billion ($2 billion) of assets may have been linked to single family offices that were awarded tax incentives, Minister of State Alvin Tan said in parliament on Tuesday.