This comes after a police operation in August 2023 uncovered a multi-billion-dollar money laundering case in Singapore. The last of 10 offenders was sentenced to jail in June.
Singapore has seen a surge in applications for tax incentive schemes in recent years, which has led to a backlog and long wait times for approval. By the start of 2025, the Monetary Authority of Singapore (MAS) aims to shorten this wait time to three months.
In response to questions from The Edge Singapore, Leong Sing Chiong, deputy mananging director of MAS’s markets and development group, says the relevant teams are puting in place “various measures” to clear the backlog by end-2024, and the wait time “should normalise” thereafter to three months per application.
