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Singapore Reins In on Family Offices, Hedge Funds

Singapore’s regulatory authorities are taking a stricter approach to the oversight of family offices and hedge funds in order to mitigate money laundering and terrorist financing risks. This crackdown follows a series of criminal cases involving large sums of money. One such case involved a family office that received tax exemptions and was implicated in a $2.2 billion money laundering scheme. Singapore has been tightening regulations and investment regimes since March to address these issues and protect against illicit activities. The authorities aim to gather more data to detect and prevent undesirable activities, minimizing any potential economic or reputational damage. Chinese crypto reporter Colin Wu highlighted the increased scrutiny on family offices, stating that they are now required to provide updated information by the end of June. This action was prompted by the largest money laundering case in Singapore’s history. Singapore is known to have several family offices catering to high-net-worth cryptocurrency individuals. In March, regulators announced the termination of the licensing regime for hedge funds with assets up to $250 million. Further details regarding the regulatory measures are expected to be released in the coming months.