The Monetary Authority of Singapore is reviewing its internal incentive administration processes, and will tighten them where necessary, Tan said. No “adverse information of note” related to the individuals and entities were detected when they applied for the incentives, he said.
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 $2.8 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.
