According to Odaily, the Singapore government is taking a series of actions to strengthen regulations following the exposure of a major money laundering case involving 30 billion yuan. The regulatory loopholes exposed by this case have prompted the government to take strict measures, including stringent scrutiny of family offices and hedge funds, and a significant cleanup of inactive family offices.
New regulations require family offices to invest at least 10% of their total asset management or 10 million Singapore dollars (whichever is lower) in local investments. These investments include unlisted companies, private equity, and qualified debt securities. The move is part of the government's efforts to ensure financial stability and transparency in the country's financial sector.