Singapore family offices look to consolidate amid regulatory pressures

Singapore family offices (FO) are assessing sharing operational resources or mergers after stricter tax and anti-money laundering regulations were imposed in July by the Monetary Authority of Singapore (MAS). Family offices boomed during the pandemic, with the number of Singapore-registered firms jumping from 50 in 2018 to 1,100 at the end of 2022. However, a $2 billion money laundering case that emerged  -- the largest money laundering case that Singapore has ever seen -- put s…