MAS, according to the FT, told the industry participants that more than 1,400 VCCs had been set up and 3,300 sub-funds were operational.
The popular variable capital company structure, set up in 2020 to draw in fund managers and family offices, could be used for money laundering, warns the Monetary Authority of Singapore to industry participants, according to the Financial Times.
The warning was delivered at a briefing in late January, and was confirmed to the FT by the MAS.
