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Singapore Authorities Cracking Down on Financial Oversight

(Bloomberg) — Singapore authorities are demanding more information from family offices and hedge funds while stepping up closures of dormant firms after a string of scandals highlighted cracks in the financial hub’s oversight.

The government’s push to tighten various investment regimes has accelerated since March, with agencies setting out additional requirements that must be met in the coming months and ramping up the removal of inactive corporate entities, according to people familiar with the matter.

Family offices that have been granted tax exemptions were given new forms asking for greater detail in May and told to submit the information by the end of June. In March, the Monetary Authority of Singapore confirmed it would repeal a licensing regime used by hedge funds with assets of up to $250 million by Aug. 1 and migrate them to one with stricter reporting requirements.

How AI legalese decoder Can Help: The AI legalese decoder can assist family offices and hedge funds in ensuring they provide the necessary information and meet the tightened requirements set by Singapore authorities. By analyzing legal documents and regulations, the AI tool can help businesses understand and comply with the updated guidelines, reducing the risk of penalties and ensuring smooth operations.

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