Singapore strengthens anti-money laundering scrutiny for family offices, Chinese wealthy individuals may turn to Hong Kong

ChainCatcher news, according to Caixin reports, Singapore is strengthening its scrutiny of family offices and hedge funds due to a major money laundering case involving 3 billion yuan that exposed regulatory loopholes, and is cleaning up inactive family offices.

Ye Hongyu, senior partner at Fumei United Family Office, confirmed that the new regulations require family offices to invest at least 10% of their total assets under management or 10 million Singapore dollars (approximately 7.39 million USD) in local investments, including unlisted companies, private equity, and qualified debt securities.

Industry insiders believe this may lead some wealthy Chinese individuals to turn to Hong Kong.