Industry watchers positive on new anti-money laundering moves for single family offices

THE government’s move to strengthen anti-money laundering controls among single family offices (SFOs) is a step in the right direction, industry watchers said.

Amid a growing family office scene in Singapore in recent years, industry watchers touted the Monetary Authority of Singapore’s (MAS) move as timely and necessary to ensure further progress in the SFO sector.

On Monday (Jul 31), MAS proposed to harmonise the class exemption criteria for all SFOs operating in Singapore through a revised framework, to combat money-laundering risks.