In its announcement on 1 November, Mas handed out a lifetime prohibition order on Yeo Jiawei, a former wealth manager of Swiss-based BSI.
Jiawei had been employed by BSI between December 2009 and July 2014. He allegedly amassed S$26m (£14.6m, €16.4m, $18m), from various sources, including illicit schemes to defraud BSI while he was an employee.
He went to jail for 30 months in December 2016 as part of a massive global probe into the 1MDB money laundering scandal. In July this year the sentence was extended to a further 54 months in prison to run concurrently with his existing sentence.
In the latest announcement Jiawei has now been convicted by the state of courts in Singapore on several charges including money laundering, cheating and tampering of witnesses during an investigation.
The proposed life prohibition means Jiawei cannot provide any capital market and financial advisory services.
Additionally, he will not be allowed to take part in the management of, or become a substantial shareholder in any capital market and financial advisory service in Singapore.
Further, in its announcement, Mas issued 6 year prohibition orders against Kelvin Ang and Lee Chee Waiy with effect from 30 October 2017.
Ang, a former representative of Maybank Kim Eng Securities Pte Ltd, was convicted for bribing Chee Waiy with $3,000 to expedite the preparation of a valuation report on PetroSaudi Oil Services Ltd PSOSL.
Chee Waiy was the primary person in NRA Capital Pte Ltd (NRA) working on the valuation of PSOSL. He had accepted the bribe from Ang and had applied inappropriate methodology and assumptions in the valuation of PSOSL, Mas said.
The six year prohibitions prevent both from providing a number of financial services including the management of an financial advisory services firm in Singapore.
The 1MDB investigation is one of the world’s largest money laundering scandals in history and has engulfed a number of banks, institutions individuals across jurisdictions such as the US, Switzerland, Hong Kong, Luxembourg and Malaysia.
In July this year the UAE ambassador to the US became embroiled in the scandal after reports that companies connected to him received millions of dollars allegedly stolen from the fund.