Singapore MAS Target to Reduce Tax Incentive Schemes Approval Wait-Time to 3 Months from 2025 Onwards, Singapore Authorities Increase Scrutiny of Family Offices
27th July 2024 | Hong Kong
The Monetary Authority of Singapore (MAS) is targeting to reduce tax incentive schemes approval wait-time to 3 months from 2025 onwards. In 2024 June, Singapore authorities have been reported to be increasing scrutiny of family offices (with tax exemptions), with the family offices to provide more information of family office by 30th June 2024 and to provide annual declaration of no prior or ongoing convictions or charges of money laundering or terrorist financing offences for the family office beneficial owners, shareholders, directors & authorized representatives. Private Banks & banks have been reported to be holding $274 million (S$372 million) in Singapore $2.2 billion money laundering, with 10 individuals sentenced to jail while 17 have escaped and have not been arrested. In 2024 March, Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (then-Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on family offices in Singapore – 1,400 family offices with tax incentives in Singapore at the end of 2023. In 2024 February, Singapore announced in the Budget 2024 (16/2/24) with key changes including Extending tax incentives by 5 years for fund managers & family offices 13D, 13O & 13U to 31st December 2029 with new changes to take effect in 2025. In 2023 December, Singapore central bank Monetary Authority of Singapore (MAS) increased due diligence checks on related individuals & entities for single family offices applying for tax incentives, with specialized firms to check for money laundering & terrorism financing risks. At the end of 2022, 1,100 single family offices (SFOs) had been awarded tax incentives. In July 2023, Singapore MAS launched a public consultation on money-laundering exemptions for single family offices with 4 criteria. Singapore $2.2 Billion Money Laundering – Private Banks & banks are holding $274 million (S$372 million), Credit Suisse $58 million (S$79.6 million), Citi $58 million (S$79.3 million), UOB $30 million (S$41.6 million), OCBC & Bank of Singapore $28 million (S$38.6 million), DBS $21 million (S$29 million), and $76 million (S$103 million) held in more banks including Julius Baer, Deutsche Bank, Standard Chartered Bank, Maybank, CIMB Bank, RHB, ICBC & Bank of China. Source of money from illegal online gambling & money lending, with total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. Update – 10 individuals involved in Singapore $2.2 billion money laundering had been sentenced to jail while 17 have escaped and have not been arrested.
“ Singapore MAS Target to Reduce Tax Incentive Schemes Approval Wait-Time to 3 Months from 2025 Onwards, Singapore Authorities Increase Scrutiny of Family Offices “
Singapore Authorities Increase Scrutiny of Family Offices, Family Office with Tax Exemptions to Provide More Information of Family Office by 30th June 2024, Provide Annual Declaration of No Prior or Ongoing Convictions or Charges of Money Laundering or Terrorist Financing Offences for Beneficial Owners, Shareholders, Directors & Authorized Representatives
13th June 2024 – Singapore authorities have been reported to be increasing scrutiny of family offices (with tax exemptions), with the family offices to provide more information of family office by 30th June 2024 and to provide annual declaration of no prior or ongoing convictions or charges of money laundering or terrorist financing offences for the family office beneficial owners, shareholders, directors & authorized representatives. Private Banks & banks have been reported to be holding $274 million (S$372 million) in Singapore $2.2 billion money laundering, with 10 individuals sentenced to jail while 17 have escaped and have not been arrested. In 2024 March, Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (then-Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on family offices in Singapore – 1,400 family offices with tax incentives in Singapore at the end of 2023. In 2024 February, Singapore announced in the Budget 2024 (16/2/24) with key changes including Extending tax incentives by 5 years for fund managers & family offices 13D, 13O & 13U to 31st December 2029 with new changes to take effect in 2025. In 2023 December, Singapore central bank Monetary Authority of Singapore (MAS) increased due diligence checks on related individuals & entities for single family offices applying for tax incentives, with specialized firms to check for money laundering & terrorism financing risks. At the end of 2022, 1,100 single family offices (SFOs) had been awarded tax incentives. In July 2023, Singapore MAS launched a public consultation on money-laundering exemptions for single family offices with 4 criteria. Singapore $2.2 Billion Money Laundering – Private Banks & banks are holding $274 million (S$372 million), Credit Suisse $58 million (S$79.6 million), Citi $58 million (S$79.3 million), UOB $30 million (S$41.6 million), OCBC & Bank of Singapore $28 million (S$38.6 million), DBS $21 million (S$29 million), and $76 million (S$103 million) held in more banks including Julius Baer, Deutsche Bank, Standard Chartered Bank, Maybank, CIMB Bank, RHB, ICBC & Bank of China. Source of money from illegal online gambling & money lending, with total assets seized increased to $2.2 billion (S$3 billion), including 207 properties, 77 vehicles, $1.2 billion cash, $55 million cryptocurrencies, 68 gold bars, 483 luxury bags, 169 luxury watches & 580 pieces of jewellry. 10 foreigners who had been arrested are originally from China. Update – 10 individuals involved in Singapore $2.2 billion money laundering had been sentenced to jail while 17 have escaped and have not been arrested.
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