Fujian gang, Prince Group money laundering incidents unlikely to dent Singapore’s appeal as wealth hub

MAS likely to go ahead with simplifying SFO tax incentive framework in face of rising competition

Singapore has risen to become one of the top wealth hubs globally in the past few years despite growing competition.

Even in the face of scandals – such as 2023’s S$3 billion money laundering case, as well as the links with Cambodian scam ring operator Prince Group – the Republic has been able to maintain its stature, industry observers said.

And to maintain a competitive edge, the Monetary Authority of Singapore (MAS) will likely go ahead with its plan to simplify the single family offices (SFOs) tax incentive framework, they added.

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