PUBLISHED ONNovember 05, 2025 5:05 AMBYSean LerWorkers' Party (WP) MP for Aljunied GRC Kenneth Tiong apologised in Parliament on Wednesday (Nov 5) over a comment made in response to National Development Minister Chee Hong Tat's clarification during question time.
Chee, who is also deputy chairman of the Monetary Authority of Singapore (MAS) had earlier answered questions posed by Tiong who asked if individuals sanctioned by the US or convicted in Singapore's largest money-laundering case had operated local tax-exempt family offices.
Tiong then posed a supplementary question to Chee, asking if the Government will mandate enhanced due diligence on existing client relationships across all regulated financial sectors, and not just when onboarding new clients.
Before Chee answered the questions, he asked Tiong to clarify if the WP's position is that the authorities should adopt a "zero-risk approach" or if he would agree that Singapore should adopt a "risk-proportionate approach" while setting high standards and maintain the efficiency and competitiveness of Singapore's financial system.
Tiong then rose and said that the question was rhetorical, adding: "There's a pattern of ministers and political-office holders asking very rhetorical questions...which have no meaning."
He was interjected by Speaker of Parliament Seah Kian Peng who asked Tiong to give his response.
"The answer is no, and I don't think it is the minister's point of view that you should in fact have a zero-risk approach because it's impossible. So he's asking a stupid question," Tiong replied.
In response, Chee suggested that it was not appropriate to use such words during a Parliament discussion. He said: "I asked a question to clarify what is his position, and I respectfully ask him to withdraw that comment and to apologise."
Tiong withdrew that comment but did not apologise. He also maintained that the question was "not a meaningful" one.
At the end of the subsequent discussions, Seah issued a reminder to MPs that the standing order disallows the use of "offensive and insulting language" about other MPs.
He added that he was "quite disappointed" by the exchange that took place, and called on Tiong to apologise - which he did.
Chee then said he accepted Tiong's apology.
In Chee's initial response to the parliament questions on whether family offices in Singapore are being misused for financial crimes such as money laundering, he reiterated that Singapore is committed to upholding high regulatory standards, aligned with international standards.
He acknowledged that having high standards does not mean there will be zero cases involving entities and individuals who either break the rules or fail in complying with regulatory requirements.
"What is key is that where wrongdoing is identified, the authorities will investigate thoroughly and take firm enforcement action in accordance with the law," Chee said, pointing to the recent actions taken against alleged crime syndicate Prince Holding Group's founder and chairman Chen Zhi, stressing that investigations are ongoing.
Turning to the screening process, Chee highlighted that individuals and entities are screened against databases to check that there are no reports on their involvement in illegal activities such as financial crimes.
He pointed out that about 3 per cent out of 1,300 applications for family offices over the past three years were rejected, while some applicants withdrew their interests when questions were posed.
He stressed that the number of Single Family Offices linked to individuals convicted of money laundering offences remain a very small proportion of the overall sector - at less than 1 per cent over the past three years.
Chee used a Chinese saying to illustrate the need for a balanced approach - to maintain both competitiveness and high standards: "When we open the windows, some flies may also enter."
He said that the solution is not to "shut our windows and block out sunlight and fresh air", but to "act swiftly to deal with the flies that enter".
"This is the approach we take in Singapore. Risk-proportionate, not zero-risk," Chee added.
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