Family

Richard

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<ul class="news-points">
 <li>The Singapore authorities have initiated more scrutiny into the family offices and hedge funds.</li>
 <li>The move follows a series of criminal cases and highlights Singapore’s efforts to safeguard individuals.</li>
 <li>One of the accused involved in the largest money laundering case in Singapore was connected to a family office.</li>
</ul>
Singaporean authorities have intensified scrutiny of family offices and hedge funds in a move to protect individuals from money laundering and terrorist financing risks.
Authorities have tightened regulations and investment regimes since March, following a series of criminal cases. One accused in a S$3 billion ($2.2 billion USD) money laundering case was reportedly linked to a family office that received tax exemptions, according to a Bloomberg <a href="https://www.bnnbloomberg.ca/singapore-ramps-up-scrutiny-of-family-offices-hedge-funds-1.2083393" target="_blank" rel="noopener noreferrer nofollow">report</a>.
As authorities launch new strategies to address the challenges of foreign wealth inflows, Richard Crowley, Assistant Professor of Accounting at Singapore Management University, stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Having more (and ideally more varied) data helps with potentially detecting undesirable activity earlier, which can help to minimize any loss of economic impact or reputation that illegal activity may cause.�…
</blockquote>
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Singapore Reins In on Family Offices, Hedge Funds

Coin Edition

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