Singaporeans now can breathe a little easifer, knowing that the threat of loan-shark activity is slowly but surely swimming away from our shores.
Deputy Prime Minister Teo Chee Hean mentioned in a written Parliamentary reply that there were 6, 553 cases of unlicensed moneylending and related harassment cases in 2014. Compared to previous years, this is a 50 per cent decrease from 13, 342 cases in 2011 and a 21 per cent decrease from 2013.
Between 2011 and 2014, an average of 1, 900 people were caught for unlicensed moneylending and related harassment offences yearly, with about 2, 600 of them found guilty.
DPM Teo lauded the strict laws, intense enforcement operations and participation of community members countering loan-shark syndicate activity. If found guilty, loan-sharks and those involved in such activities can face a nine year jail sentence, 18 strokes of the cane and fines of up to S$60, 000.
Photo: Bernard Oh via Flickr
Singaporeans now can breathe a little easifer, knowing that the threat of loan-shark activity is slowly but surely swimming away from our shores.
Deputy Prime Minister Teo Chee Hean mentioned in a written Parliamentary reply that there were 6, 553 cases of unlicensed moneylending and related harassment cases in 2014. Compared to previous years, this is a 50 per cent decrease from 13, 342 cases in 2011 and a 21 per cent decrease from 2013.
Between 2011 and 2014, an average of 1, 900 people were caught for unlicensed moneylending and related harassment offences yearly, with about 2, 600 of them found guilty.
DPM Teo lauded the strict laws, intense enforcement operations and participation of community members countering loan-shark syndicate activity. If found guilty, loan-sharks and those involved in such activities can face a nine year jail sentence, 18 strokes of the cane and fines of up to S$60, 000.
Photo: Bernard Oh via Flickr