Singapore Family Office Funds Tied to Money Laundering

Singapore's government granted tax incentives to six single-family office (SFO) funds linked to a $3 billion money laundering case, but withdrew them when the owners or their spouses faced charges or were convicted. Deputy Prime Minister Gan Kim Yong confirmed the forfeiture of assets exceeding the tax benefits, emphasizing the country's commitment to combating money laundering through the Anti-Money Laundering and Other Matters Bill. The surge in single-family offices in Singapore, attracting ultra-wealthy individuals, has raised concerns following the uncovering of the largest money laundering case, leading to arrests and asset seizures. Factors like tax perks, stable legal systems, and strong services sectors contribute to Singapore's appeal for family offices seeking discretion and stability.