Singapore's Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, stated that while many of the Single Family Offices (SFOs) that have been awarded tax incentives are from emerging markets like the Middle East and China, their proportion among all SFOs has remained relatively stable over recent years. All SFOs applying for tax incentives from the Monetary Authority of Singapore (MAS) are required to open accounts with local financial institutions and undergo due diligence checks. MAS also screens applicants for adverse reports and risks related to money laundering or terrorism financing. In July last year, MAS proposed requiring all SFOs incorporated in Singapore to establish business relations with MAS-regulated financial institutions, subjecting them to anti-money laundering and counter-terrorism financing checks. A response to this proposal will be published soon.