SINGAPORE - The Monetary Authority of Singapore (MAS) announced that it has issued a 10-year prohibition order against Tim Leissner, a former director of Goldman Sachs (Singapore), with immediate effect.

During that period, Leissner will be prohibited from performing any regulated activity under the Securities and Futures Act and taking part, directly or indirectly, in the management of any capital market services firm in Singapore.

MAS has also served notice of its intention to issue prohibition orders against three individuals who were investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters, and consequently convicted in Singapore.

The three are Jens Sturzenegger, former branch manager of the Singapore branch of Falcon Private Bank, as well as Yak Yew Chee and Yvonne Seah Yew Foong, both of whom were former employees of BSI Bank.

Given the gravity of their misconduct, MAS intends to issue lifetime prohibition orders against Sturzenegger and Yak, and a 15-year prohibition order against Seah.

The proposed POs will prohibit Sturzenegger and Yak for life, and Seah, for a period of 15 years, from performing any regulated activity or acting as a representative in respect of any regulated activity as stipulated under the Securities and Futures Act.

They are also prohibited from taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of, any holder of a capital market services licence or any exempt person under the Securities and Futures Act.

They also also prohibited from providing any financial advisory service as stipulated under the Financial Advisers Act; and taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of, a licensed financial adviser or exempt financial adviser under the Financial Advisers Act.

"MAS will not tolerate conduct by any finance professional that threatens to undermine trust and confidence in Singapore's financial system. MAS will not hesitate to bar such individuals from carrying out regulated activities in the financial industry," Mr Ong Chong Tee, MAS's deputy managing director (Financial Supervision) said.

"It is imperative that industry professionals and representatives of financial institutions are fit and proper persons. They must be worthy of the trust that people place in them and their institutions."