The number of SFOs awarded tax incentives by the MAS increased to 1,100 as of the end of 2022, up from 700 in 2021.
“We must and will do more. The fact that more than $1.45 billion in financial assets have so far been seized in relation to this case is concerning,” Mr Tan said. The number of SFOs awarded tax incentives by the MAS increased to 1,100 as of the end of 2022, up from 700 in 2021. They must also report annually on total assets managed after the end of each calendar year, and maintain a business relationship with a MAS-regulated financial institution that will carry out anti-money laundering checks on them.
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