Singapore strengthens anti-money laundering scrutiny of family offices; wealthy Chinese may turn to Hong Kong

Singapore is strengthening its scrutiny of family offices and hedge funds following a 3 billion yuan money laundering case that exposed regulatory loopholes, and is cleaning up inactive family offices. The new regulations require family offices to provide detailed information and invest at least 10% or 10 million Singapore dollars in local projects. Industry insiders believe that this may cause some Chinese wealthy individuals to turn to Hong Kong.