Singapore’s central bank proposed on Monday, July 31, measures to tighten money laundering surveillance of family offices, that handle the financial affairs of the super-rich.
The Monetary Authority of Singapore (MAS), said in a statement, that they have launched a public consultation on the changes. The actions include requiring Single Family Offices (SFOs) to hire an MAS-regulated financial institution to check for money laundering, as well as report on their total assets at the end of each calendar year.
“These measures will allow MAS to better monitor SFOs operating in Singapore and address any money laundering risks in the sector,” the statement said.
The number of SFOs, which handle investments, taxation, wealth transfer and other financial matters for the super-rich, has surged in Singapore to 1,100 at the end of last year from 400 at end of 2020.
This is mainly due to ultra-high net worth families from Asia and beyond, that are seeking a safe haven in the global banking system. Investors from China and Hong Kong have also flocked to the city-state in the last few years to escape some of the world’s toughest anti-COVID measures.
MAS said interested parties should submit their comments on the proposal by September 30, 2023.