Weak link in anti-money laundering efforts is compliance, not family offices: Experts

SINGAPORE – Lawyers and tax consultants have urged banks to step up their compliance and monitoring processes in the light of

the $1 billion money laundering case here,

but to avoid the xenophobic trap of focusing only on Chinese customers.

They also disagreed with some market observers who said the case reflected a need for tougher scrutiny of Chinese family offices, which manage family wealth.