Following the headline money laundering scandal, the application process to set up a single family office in Singapore has reportedly faced lengthening.
The time to approve applications to set up a family office in Singapore has lengthened from less than six months to as long as 18 months, according to a «Financial Times» report citing unnamed sources.
The delays varied and were a result of a backlog of existing applications alongside greater scrutiny, especially for clients from certain jurisdictions. The longer waiting time has even deterred some prospects, the report added.
Laundering Scandal
The Monetary Authority of Singapore (MAS) has been tightening the process for family office applicants following the headline S$2.8 billion ($2 billion) money laundering scandal.
«The screening process by MAS has also lengthened in view of the more stringent criteria for tax incentives announced in 2022 and 2023 and greater scrutiny following the money laundering arrests in August 2023,» the watchdog said, adding that it generally takes nine to 12 months to process applications.
