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Singapore revokes tax benefits for family offices in USD3bn scandal



Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, who also chairs the Monetary Authority of Singapore (MAS), revealed that six single-family office (SFO) funds linked to individuals convicted in a recent USD3bn money laundering case had received tax incentives. These tax benefits have been rescinded from the financial year in which the owners or their spouses were charged or convicted. However, tax benefits given prior to these charges will not be retracted unless conditions of the tax awards were violated. Additionally, assets have been seized from the convicted individuals, with the value of these forfeitures surpassing the tax benefits these SFO funds initially received.

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