Singapore’s revamped anti-money laundering measures frustrate wealthy Chinese enough to leave for Hong Kong

In contrast, once a magnet for Chinese wealth, Singapore is stepping up with revamped anti-money laundering measures following a high-profile $3 billion laundering scandal.

These regulatory changes have sparked frustration among wealthy Chinese residents and prompted some to reconsider their financial base.

 Hong Kong’s financial landscape has experienced a revival, with assets under management swelling to HK$31 trillion (S$5.36 trillion) in 2023, driven notably by a strong private banking sector and a threefold increase in net fund inflows.

Source: TRADE FINANCE