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.
These enhanced measures will largely be taking effect in December, and family office applicants and industry players are being informed, where applicable, according to the MAS.
MAS is refining the terms and conditions of the tax incentive scheme to guard against illicit actors by being able to quickly suspend or withdraw tax incentives where individuals or entities are investigated, whether in Singapore or elsewhere, for money laundering and terrorism financing offences.
In October, Minister of State for Trade and Industry Alvin Tan had said the regulator was reviewing its internal incentive administration processes for SFOs, and would tighten them where necessary. One reason was that one or more of the accused in a recent money laundering case may have been linked to SFOs that had been awarded tax incentives by the MAS.
One main change is the scope of due diligence checks being widened to a larger group of individuals and entities associated with the SFOs applying for the MAS tax incentives.
It is understood that these checks could include individuals and entities that may have contributed or seeded the creation of wealth, such as immediate family members and the family business.
These checks could also take place when there is a change in key people, including shareholders, directors or employees.
Esta historia es de la edición December 19, 2023 de The Straits Times.
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Esta historia es de la edición December 19, 2023 de The Straits Times.
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