Tuesday, 3 October 2023

MAS issues prohibition orders against six individuals for fraudulent and dishonest conduct

5 min read

The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders (POs) against Chan Jun Yi, Chanel Quah Hui Wen, Lim Zhan Yi, Sherlin Chia Hee Ping, Tang Hong Kong Jackie and Yvonne Quah.

This follows their convictions for tax evasion offences under section 96(1)(b) of the Income Tax Act. Under the POs, which will take effect from 1 June 2023, the six former agents of Great Eastern Financial Advisers Private Limited (GEFA) are prohibited from:

  • Providing any financial advisory service, and taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act 2001; and
  • Carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.

Between April 2018 and April 2019, the six former agents, who were part of the same team in GEFA, engaged a third party to assist them in falsely inflating their business expenses for their income tax returns. The false expenses were allocated into two categories, namely “general expenses” and “commission paid to introducers”. The false entries reduced their income taxes by $124,6481 for the 2018 and 2019 years of assessment. On 16 September 2022, the six former agents were sentenced to imprisonment ranging from four days to eight weeks, and penalties ranging from $7,965.00 to $113,829.02.

The Inland Revenue Authority of Singapore (IRAS) had referred this case to MAS for regulatory action. MAS has issued five-year POs to all six individuals as each of them had actively participated in the scheme to cheat IRAS. Their convictions for falsifying expense claims in income tax returns gave MAS reason to believe that they will not perform financial advisory services honestly.

Re-disseminated by The Asian Banker

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