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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
张平
张平
工作履历:曾在国家审计署从事审计工作,是国家第一批政府审计师;曾在...
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上传时间: 2024-07-08      浏览次数:132次
Six Singapore-Based SFO Funds Linked To Major Money Laundering Case

 

https://www.wealthbriefingasia.com/article.php/Six-Singapore_dash_Based-SFO-Funds-Linked-To-Major-Money-Laundering-Case

 

Six Singapore-based single-family offices’ funds are linked to people convicted in relation to the city-state’s largest ever money laundering case, or linked to their spouses.

 

The jurisdiction is seeking to learn from the case, which has generated a number of damaging headlines. For example, a group of criminals from China laundered more than S$3 billion ($2.23 billion).

 

They laundered proceeds from online gambling passed through at least 16 financial institutions in Singapore.

 

Responding to a question in parliament, Gan Kim Yong, deputy prime minister and minister for trade and industry, and chairman of the Monetary Authority of Singapore, said: “A total of six single family office (SFO) funds which were awarded SFO [single-family office] tax incentives have been identified to be linked to individuals who have been convicted in relation to the money laundering case or their spouses.”

 

The SFOs were not identified by name in the statement, which was issued last week.

 

Tax benefits were withdrawn starting from the financial year the owners of these SFO funds or their spouses were charged or convicted. Tax benefits accorded prior to that will not be clawed back, unless there were breaches of the conditions of the tax incentive awards then,” the statement continued.

 

The minister said that as part of enforcement actions in the case, assets have been forfeited from the convicted individuals. The total value of assets forfeited from convicted individuals with links to SFO funds that were awarded tax incentives far exceeds any tax benefits accorded to the SFO funds, the minister added.

 

In a report on 11 June, Citigroup, DBS and other banks caught up in a major money laundering case in Singapore are tightening scrutiny of their wealthy customers and potential clients. Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds.

 

This isn’t the first time Singapore – along with other hubs such as Switzerland and the US – have been hit by money laundering scandals. Just under a decade ago, the wealth sector witnessed the multi-billion saga of funds that were siphoned off from the 1MDB fund created by the Malaysian government. Banks in Singapore were among those affected.

 

MAS recently unveiled a report examining the main sources of vulnerability in the jurisdiction's financial system.