Singapore strengthens home-run anti-money laundering review, wealthy Chinese may turn to Hong Kong
2024-06-24 10:49:46
Singapore 30 billion yuan mega-laundering money case exposure regulation loopholesdesk3cryptocurrencydesktopCrypto News
Singapore's government is stepping up scrutiny of family offices and hedge funds and cleaning up inactive ones as a result of regulatory loopholes exposed by a mega-3 billion-dollar money laundering case. New rules require family offices to provide detailed information and invest at least 10 per cent or S $10 million in local projects. Industry insiders believe this could lead some wealthy Chinese to turn to Hong Kong.
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