Fujian gang, Prince Group money laundering incidents unlikely to dent Singapore’s appeal as wealth hub

[SINGAPORE] Singapore has risen to become one of the top wealth hubs globally in the past few years despite growing competition.

Even in the face of scandals – such as 2023’s S$3 billion money laundering case, as well as the links with Cambodian scam ring operator Prince Group – the Republic has been able to maintain its stature, industry observers said.

And to maintain a competitive edge, the Monetary Authority of Singapore (MAS) will likely go ahead with its plan to simplify the single family offices (SFOs) tax incentive framework, they added.