(Nov 5): Singapore has ceased providing tax incentives to two single family offices linked to individuals associated with Prince Group, described by the US as one of Asia’s largest crime syndicates.
Prince Group chairman Chen Zhi and his associates are being investigated by the Singapore police in a money laundering probe, Chee Hong Tat, Minister for National Development and deputy chairman of the Monetary Authority of Singapore, said in parliament on Wednesday.
Chen and multiple associates, including three Singapore citizens, were sanctioned by US authorities over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment scams. Singapore on Oct 30 seized more than S$150 million (US$115 million or RM628.88 million) in assets linked to the Cambodian Prince Group and Chen.
Singapore rejected about 3% of the 1,300 applications for single family office tax exemptions in the past three years, Chee said. Some potential applicants also withdrew their interest after additional questions were asked, he added.
Less than 1% of the country’s single family offices had been linked to individuals convicted of money laundering over the past three years, the minister said. Singapore has to remain open to bona fide family offices and genuine investors, Chee added.
“There is a Chinese saying that when we open the windows, some flies may also enter,” he said. “What matters is that we act swiftly to deal with the flies that enter, while also letting in sunlight and fresh air.”
See also: Alleged scam leader’s Singapore aide seeks access to seized cash
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