Singapore steps up scrutiny of China wealth after money laundering case

HONG KONG -- Singapore has stepped up scrutiny of Chinese wealth coming into the city, including rejecting applications to set up family offices, following a recent money laundering scandal.

The Monetary Authority of Singapore since January has denied two family office applications with Chinese-affiliated wealth, according to two sources working on the cases. These include people who hold only a Chinese passport and those who hold additional foreign passports. The rejections were given in a written format but without a detailed explanation, as indicated by an email seen by Nikkei Asia.