During the pandemic, ultrawealthy individuals flocked to Singapore, attracted by its less strict controls and favorable tax policies. The number of single-family offices based in the city-state more than tripled in three years, rising from 400 in 2020 to 1,400 by the end of 2023 according to government data. But the industry is coming under scrutiny after Singapore uncovered its largest-ever money-laundering case, leading to the arrest of 10 foreigners and over 3 billion Singapore dollars ($2.2 billion) in confiscated assets. Six single-family office funds, granted tax incentives for operating in Singapore, are linked to individuals related to the money-laundering scandal, according to Deputy Prime Minister Gan Kim Yong. bit.ly/4cPJb3x
Patrice T.
3d
They should have gone to HK instead of Singapore. It would have been hard to be detected
it is a win-win for the Country as a whole. Why in the world would they want to ignore this and instead be known as a fraud destination instead?
Jesus Peral
2d
I do not like spicy crab !!
Singapore has always been very corrupt.
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1wYou mean this does not happen to other countries? You must be in some cave for quite some time. There is no perfect check and balance but Singapore is not afraid to bring out the gap and rectify the loopholes. What it tells the whole world is that you can do business in Singapore but you veered away from legal realm, it will bring out all its machineries to prosecute you.