Singapore suspends tax benefits for family offices linked to Prince Group, 'Cam' crime syndicate

The Singapore government has suspended tax benefits for two family offices linked to individuals associated with Prince Group.

On the 5th (Korea time), Bloomberg reported that Chee Hong Tat, Deputy Chairman of the Monetary Authority of Singapore (MAS), told parliament that Prince Group chairman Chen Zhi and his associates are under investigation by the Singapore police on allegations of money laundering that exploit virtual assets (cryptocurrencies).

The U.S. Treasury has sanctioned Chen Zhi and his associates, including three Singapore citizens, on charges of being linked to online investment scams and laundering networks using virtual assets. Singapore police also on Oct. 30 seized assets of US$115,000,000 (about S$15,000,000,000) linked to Prince Group and Chen Zhi.

Deputy Chairman Chee emphasized that Singapore must provide appropriate benefits to bona fide family offices and genuine investors. He said, "If you open the window, flies can come in," adding, "What is important is to deal with the flies quickly when they come in while letting in sunlight and fresh air."