Singapore’s headline money laundering case might have involved family offices linked to tax incentives, according to the city-state’s financial regulator.
In the latest development in Singapore’s S$2.8 billion ($2 billion) money laundering case, authorities suspect linkages to single family offices (SFOs), according to a statement by Alvin Tan, Minister of State, Ministry of Trade and Industry, Ministry of Culture, Community and Youth, and board member of the Monetary Authority of Singapore (MAS).
«Ongoing investigations and supervisory engagements suggest that one or more of the accused persons in this case may have been linked to SFOs that were awarded tax incentives,» said Tan, speaking on behalf of MAS chairman, Deputy Prime Minister and Minister for Finance Lawrence Wong.
«At the point of application, no adverse information of note related to the individuals and entities had surfaced. Nonetheless, MAS is reviewing our internal incentive administration processes, and will tighten them where necessary.»
Financial Institutions Reviews
Furthermore, MAS is also reviewing how financial services in Singapore were made accessible to the money laundering suspects, some of whom have been charged with forgery of documents.
«MAS will assess whether financial institutions had upheld robust anti-money laundering/counter-terrorist financing practices,» Tan explained, highlighting areas such as checks on wealth sources and monitoring of suspicious transactions. «This will complement and feed into the work of the Inter-Ministry Taskforce […] which MAS will also be part of.»
According to the MAS, the number of SFOs that were rewarded tax incentives reached 1,100 at the end of 2022, up from 700 in 2021.
