Singapore probes family offices after S$2.8b seized

Singapore is investigating the role that some single family offices played in one of the city's biggest money laundering cases, adding to questions about gaps in the financial hub's defense against bad actors.

Authorities found that one or more of the accused in the case involving more than S$2.8 billion (HK$15.9 billion) of assets may have been linked to single family offices that were awarded tax incentives, minister of state Alvin Tan said yesterday.

The Monetary Authority of Singapore is reviewing its internal incentive administration processes and will tighten them where necessary, Tan said, adding that no "adverse information of note" related to the individuals and entities were detected when they applied for the incentives.

The MAS said in July it will boost surveillance and safeguards against laundering risks in the family office space and tighten requirements for those seeking so-called 13O and 13U tax exemptions.

Tan said the regulator will "study whether further measures beyond those that have been proposed in the consultation are necessary."