29/04/24

SINGAPORE: Singapore sees fewer new Chinese family offices after money-laundering crackdown

As published on: scmp.com, Monday 29 April, 2024. 

The influx of family offices handling money of Chinese origin has slowed in the wake of Singapore’s multibillion-dollar money-laundering scandal

Tighter checks for new applicants are partly to blame – but the city state’s elevated property prices and higher stamp duty aren’t helping, either.

In Singapore, the growth of Chinese family offices has been slowing amid the fallout from last year’s multibillion-dollar money-laundering scandal and tighter checks on new applicants.

More than S$3 billion (US$2.2 billion) in assets have been seized so far in connection with the sprawling case, which first hit the headlines in August last year when 10 China-born suspects were arrested.

Tags

Singapore Family Offices AML Money laundering Regulation Stamp duty