By Xie Yu
Singapore’s central bank said on Monday it was proposing measures to tighten money laundering surveillance of family offices, which handle the financial affairs of the super rich.
The Monetary Authority of Singapore (MAS), in a statement, said it had launched a public consultation on the changes, which include requiring Single Family Offices (SFOs) to hire an MAS-regulated financial institution to check for money laundering, as well as report on their total assets at the end of each calendar year.
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