Singapore Cuts Tax Breaks for Prince Group-Linked Family Offices

Singapore has ceased providing tax incentives to two single family offices linked to individuals associated with Prince Group, described by the US as one of Asia’s largest crime syndicates.

Prince Group chairman Chen Zhi and his associates are being investigated by the Singapore police in a money laundering probe, Chee Hong Tat, Minister for National Development and deputy chairman of the Monetary Authority of Singapore, said in parliament on Wednesday.

Chen and multiple associates, including three Singapore citizens, were sanctioned by US authorities over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online ...