6 family office funds linked to $3b money laundering case granted tax incentives

These were withdrawn when the owners or their spouses faced charges or were convicted.

Six single family office (SFO) funds linked to a $3b money laundering case in Singapore have received tax incentives, said Deputy Prime Minister Gan Kim Yong.

In a written reply in Parliament on 2 July, Gan said tax benefits for these funds were withdrawn starting from the financial year when the owners or their spouses faced charges or were convicted.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,” he said.

Additionally, as part of enforcement actions, assets tied to the convicted individuals have been forfeited. 

The total value of these forfeited assets far exceeds the tax benefits granted to the SFO funds.

Singapore also introduced the Anti-Money Laundering and Other Matters Bill for first reading in Parliament on 2 July. 

The bill seeks to strengthen law enforcement's ability to tackle money laundering offenses, and streamline procedures for handling seized assets linked to criminal activities.