6 single family office funds linked to $3b money laundering case given tax benefits, says DPM Gan
newsare.net
A total of six single family office (SFO) funds in Singapore given tax benefits were found to be linked to the 10 foreigners arrested and convicted in the nation’s largest money laundering case. This comes after the country’s financial regulator said in6 single family office funds linked to $3b money laundering case given tax benefits, says DPM Gan
A total of six single family office (SFO) funds in Singapore given tax benefits were found to be linked to the 10 foreigners arrested and convicted in the nation’s largest money laundering case. This comes after the country’s financial regulator said in December 2023 it had tightened the tax incentive process to include casting a wider net when conducting due diligence and appointing a panel to screen applicants for money laundering risks. On July 2, Nominated Member of Parliament Usha Chandradas asked the Prime Minister and Minister of Finance how many family offices linked to the 10 convicted foreigners were granted tax benefits. Responding in a written reply on behalf of Prime Minister Lawrence Wong, Deputy Prime Minister Gan Kim Yong said there were six SFOs, including those owned by the 10 convicted or their spouses. Family offices are organisations set up to manage the wealth of a single family or multiple families. In Singapore, SFOs are not required to be registered or licensed by the Monetary Authority of Singapore as they do not manage third-party funds.