, Singapore
575 views
Photo from MAS website.

MAS slams 6 ex-Great Eastern financial advisers with prohibition orders

This follows after the six individuals were convicted of tax evasion.

The Monetary Authority of Singapore (MAS) has issued five-year prohibition orders to six former Great Eastern financial advisers convicted of tax evasion offences.

Chan Jun Yu, Chanel Quah Hui Wen, Lim Zhan Yi, Sherlin Chia Hee Ping, Tang Hong Kong Jackie, and Yvonne Quah were earlier convicted of tax evasion offenses under section 96(1) b of the Income Tax Act. 

On 16 September 2022, they were sentenced to imprisonment ranging from four days to eight weeks, and penalties ranging from $7,965.00 to $113,829.02. This follows after they were found to have engaged a third party to assist them in falsely inflating their business expenses for their income tax returns. This reduced their income taxes by $124,658 for the 2018 and 2019 years of assessment, MAS said.

ALSO READ: Singapore ready to provide liquidity to keep financial system stable: MAS

The six former agents were part of the same team in Great Eastern Financial Advisers Private Limited.

They are now prohibited from providing any financial advisory service, and from 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.

They are also not allowed to carry on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.  

Follow the link for more news on

Prudential, StanChart memperkuat 25 Tahun kemitraan bancassurance

Mereka memiliki kemitraan bancassurance terlama di Singapura dan Asia.

MSIG Asia dan RiskPoint mempertaruhkan asuransi energi terbarukan

Kawasan Asia-Pasifik berpotensi menarik investasi sebesar $3 triliun dalam pembangkitan listrik hingga 2033.

Kantor pusat Pru Life UK di Manila menerapkan kerja hibrida

Kantor ini memiliki area rekreasi dan kesehatan untuk membantu karyawan menyegarkan diri.

Etiqa meluncurkan produk asuransi takaful pertama di Singapura

Permintaan terhadap produk keuangan Islam dari Timur Tengah dan Asia Tenggara terus meningkat.

Perusahaan asuransi jiwa Singapura bidik pertumbuhan di 2025

Dorongan untuk solusi layanan kesehatan inovatif di tengah inflasi medis menjadi tantangan.