Chinese property buyers face restrictions from Singapore to Toronto

News Snapshot:

But this confidential financial regime has been punctured. Reeling from a $US2 billion ($3 billion) money-laundering scandal, the Singapore government indicated on October 3 it may subject luxury assets, including cars, watches and handbags, to anti-money laundering controls and increase scrutiny of single family offices. Responding to parliamentary questions, Singapore’s government said it would examine extending anti-money laundering requirements, such as know-your-customer due diligence checks, to high-value assets including vehicles, handbags and alcohol. Singapore has become a popular destination to park wads of money anonymously. Family offices serving single families – currently exempt from many licensing requirements – could face...