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Family offices in Singapore to face tougher screening measures
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The enhanced measures will largely be taking effect in December, according to the MAS.
ST PHOTO: ONG WEE JIN
SINGAPORE - Wealthy families interested in setting up single family offices (SFOs) in Singapore and want to tap tax incentives offered by the Monetary Authority of Singapore (MAS) will be facing enhanced checks by the regulator almost immediately.
According to Ms Gillian Tan, MAS’ assistant managing director (development and international), the regulator will strengthen the due diligence checks conducted at the point of application, and will swiftly withdraw tax incentives should subsequent monitoring and events detect adverse activities.
