Singapore faces parliament scrutiny over family office governance

Singapore’s regulatory approach to family offices is under scrutiny following a recent multi-million-dollar scandal involving a Chinese-owned entity. Parliament has questioned the Monetary Authority of Singapore (MAS) on the specific corporate governance standards imposed on family offices benefiting from tax incentives. In a written reply published on Tuesday, the MAS indicated it would not add further governance or compliance controls for these entities. The regulator emphasised that establishing governance and hiring appropriate management remains the responsibility of the family. The MAS stated this approach aligns with other major global financial centres. The scandal has raised concerns about transparency within the sector.