Minister of State for Trade and Industry and Culture, Community and Youth, Alvin Tan, said that the Monetary Authority of Singapore (MAS) may be tightening its internal incentive administration where necessary after its review.
Wealthy investors looking to establish a family office in Singapore will now face up to an 18-month wait amid stricter regulations.
The Republic, on Oct 3, said that it was looking into single family offices and the roles they played in the $2.8 billion money laundering scandal.
