TechFlow reported that according to Caixin Media, Singapore has exposed regulatory loopholes due to a 3 billion yuan money laundering case. The government is strengthening its review of family offices and hedge funds and cleaning up inactive family offices. The new regulations require family offices to provide detailed information and invest at least 10% or 10 million Singapore dollars in local projects. Industry insiders believe that this may cause some Chinese rich people to turn to Hong Kong.
