Deputy Chairman of the Monetary Authority of Singapore (MAS) Chee Hong Tat and Aljunied GRC MP Kenneth Tiong engaged in a back and forth in Parliament on Nov. 5 over Singapore’s “risk proportionate” approach to its due diligence standards with regards to family offices. Tiong had asked Chee questions about the checks that MAS does before granting tax-exempt incentives and what systemic reforms have been implemented to prevent criminal networks from exploiting Singapore’s family office regime. |