<\/p>\nnow-sanctioned Prince Group<\/p>\n
<\/a>.<\/p>\n
China-born Chen, 38, was indicted in the US on Oct 8 over alleged wire fraud and money laundering conspiracy, and for allegedly directing the operation of forced-labour scam compounds in Cambodia. <\/p>\n
The charges were unsealed and made publicly known on Oct 14, with both the US and UK announcing sanctions against 146 entities, including Chen and Prince Group, on the same day. <\/p>\n
Chen\u2019s whereabouts are currently unknown, but the police have said he is not in Singapore.<\/p>\n
Mr Chee said MAS has so far identified two single-family offices linked to Chen and his associates that had been granted tax incentives. <\/p>\n
MAS has since ceased the tax incentives and investigations are ongoing. <\/p>\n
Mr Kenneth Tiong (Aljunied GRC) had asked about Singapore\u2019s family office regime and what due diligence checks MAS does before granting tax incentives, in relation to the sanctioned entities.<\/p>\n
Mr Chee responded to his question and similar questions from other MPs on Nov 5, saying that Singapore upholds high standards in its financial system but there will still be some cases that slip through.<\/p>\n
He said Singapore takes a risk-proportionate, and not zero-risk, approach.<\/p>\n
Said Mr Chee: \u201cThere is a Chinese saying that when we open the windows, some flies may also enter.<\/p>\n
\u201cThe solution is not to shut our windows and block out sunlight and fresh air. What matters is that we act swiftly to deal with the flies that enter, while also letting in sunlight and fresh air.\u201d<\/p>\n
He added that as at end-2024, there were 13,000 locals holding jobs in wealth management and private banking. Tightening processes further to the point that they become overly cumbersome may put these jobs at risk, he added.<\/p>\n
Mr Tiong then said: \u201cI think there are a lot of flies in the house.\u201d<\/p>\n
Mr Chee said: \u201cI don\u2019t know which house Mr Tiong is referring to, but as far as we are aware, in the house of Singapore, we do not have many flies.\u201d<\/p>\n
Mr Chee said that less than 1 per cent of single-family offices here turn out to be bad actors involved in money laundering. He added: \u201cThis doesn\u2019t mean that there are many, many flies in this house.\u201d<\/p>\n
During the exchange, Mr Tiong commented that a question Mr Chee had asked him was \u201cstupid\u201d.<\/p>\n
Speaker of Parliament Seah Kian Peng said he was disappointed with Mr Tiong\u2019s conduct. Mr Tiong then apologised to Mr Chee, who accepted his apology.<\/p>\n