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Singapore MAS Chairman Gan Kim Yong: 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case, Tax Benefits Withdrawn from Financial Year Owners Or Spouses Were Charged or Convicted, Tax Benefits Prior Unable to be Clawed Back Unless Breaches of Tax Incentive Conditions, Assets Forfeited Exceeds Tax Benefits

Jul 3, 2024

Monetary Authority of Singapore Chairman Gan Kim Yong

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Singapore MAS Chairman Gan Kim Yong: 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case, Tax Benefits Withdrawn from Financial Year Owners Or Spouses Were Charged or Convicted, Tax Benefits Prior Unable to be Clawed Back Unless Breaches of Tax Incentive Conditions, Assets Forfeited Exceeds Tax Benefits

3rd July 2024 | Hong Kong

Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (2/7/24) – 6 single family offices awarded SFO tax incentives linked to Singapore $2.2 billion (S$3 billion) money laundering case, tax benefits withdrawn from financial year owners or spouses were charged or convicted, tax benefits prior unable to be clawed back unless breaches of tax incentive conditions, assets forfeited exceeds tax benefits. Gan Kim Yong (2/7/24): “A total of 6 single family office (SFO) funds which were awarded SFO tax incentives have been identified to be linked to individuals who have been convicted in relation to the money laundering case or their spouses. Tax benefits were withdrawn starting from the financial year the owners of these SFO funds or their spouses were charged or convicted. Tax benefits accorded prior to that will not be clawed back, unless there were breaches of the conditions of the tax incentive awards then. In addition, as part of enforcement actions in this case, assets have been forfeited from the convicted individuals. The total value of assets forfeited from convicted individuals with links to SFO funds that were awarded tax incentives far exceeds any tax benefits accorded to the SFO funds.”

“ Singapore MAS Chairman Gan Kim Yong: 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case, Tax Benefits Withdrawn from Financial Year Owners Or Spouses Were Charged or Convicted, Tax Benefits Prior Unable to be Clawed Back Unless Breaches of Tax Incentive Conditions, Assets Forfeited Exceeds Tax Benefits “

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Singapore MAS Chairman Gan Kim Yong: 6 Single Family Offices Awarded SFO Tax Incentives Linked to Singapore $2.2 Billion Money Laundering Case, Tax Benefits Withdrawn from Financial Year Owners Or Spouses Were Charged or Convicted, Tax Benefits Prior Unable to be Clawed Back Unless Breaches of Tax Incentive Conditions, Assets Forfeited Exceeds Tax Benefits

Date: For Parliament Sitting on 2 July 2024

Name and Constituency of Member of Parliament

Ms Usha Chandradas, NMP

Question:

To ask the Prime Minister and Minister for Finance (a) how many family offices that were granted tax benefits by the Monetary Authority of Singapore are linked to the accused persons in the recent $3 billion money laundering case; and (b) whether there will be a clawback of the benefits previously accorded to these family offices.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. A total of 6 single family office (SFO) funds which were awarded SFO tax incentives have been identified to be linked to individuals who have been convicted in relation to the money laundering case or their spouses.

2. Tax benefits were withdrawn starting from the financial year the owners of these SFO funds or their spouses were charged or convicted. Tax benefits accorded prior to that will not be clawed back, unless there were breaches of the conditions of the tax incentive awards then.

3. In addition, as part of enforcement actions in this case, assets have been forfeited from the convicted individuals. The total value of assets forfeited from convicted individuals with links to SFO funds that were awarded tax incentives far exceeds any tax benefits accorded to the SFO funds.

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