Family office screenings in Singapore to face tougher checks

Enhanced protocols: A view of the Singapore skyline from Mont Faber hill. The city-state is tightening its controls for setting up single-family offices that will face stricter checks by the regulator almost immediately. — AFP

SINGAPORE: Wealthy families interested in setting up single-family offices (SFOs) in Singapore and wanting to tap tax incentives offered by the Monetary Authority of Singapore (MAS) will face stricter checks by the regulator almost immediately.

According to Gillian Tan, MAS’ assistant managing director (development and international), the regulator will strengthen the due diligence checks conducted at the point of application and swiftly withdraw tax incentives should subsequent monitoring and events detect adverse activities.