Singapore Cancels FO Incentives for Individuals Linked to Sanctioned Group
Singapore’s regulator has cancelled family office tax incentives for alleged crime network Prince Holdings, which is facing increasing pressure around the world.
The Monetary Authority of Singapore (MAS) has ceased tax incentives for two single family office funds that are linked to Prince Holdings founder Chen Zhi and his associates, according to a response by MAS deputy chair Chee Hong Tat to parliamentary questions.
«As investigations are ongoing, I seek Members’ understanding that I am not able to comment further on the details at this stage,» he added.
Global Enforcement
Chen – a Cambodian national born in Fujian, China – is the founder and chairman of Prince Holdings, a multinational group focused on «real estate development, financial services and consumer services», according to its website, which has been accused of running a major online scam operation using trafficked workers to defraud people.
Various authorities around the world have taken action against Chen and the Cambodia-based group. The US and UK have seized $15 billion of bitcoin and frozen London assets while sanctioning 146 related targets, including Chen who remains at large. Singapore, Hong Kong and Taiwan have also seized a total of over $600 million in assets and made various arrests.
