6,553 unlicensed moneylending, harassment cases last year: DPM Teo

SINGAPORE — There was a continued improvement in the area of unlicensed moneylending and related harassment cases last year, said Deputy Prime Minister Teo Chee Hean yesterday (Feb 23).

In a written Parliamentary reply, Mr Teo, who is also the Minister for Home Affairs, said a total of 6,553 such cases were reported last year. This was a decline of 50 per cent compared to the 13,342 cases in 2011, and a decline of 21 per cent compared to 2013.

DPM Teo added that the improved situation was due to the tough laws enacted, strong enforcement efforts against loan-shark syndicates and the high level of community support in the fight against unlicensed moneylending (UML) activities.

According to DPM Teo, about 1,900 people were arrested for unlicensed moneylending and related harassment offences on average yearly between 2011 and last year, while about 2,600 were convicted in court for these offences.

He also said the police will continue to clamp down on these syndicates, including those who assist in such activities. Under Section 28 of the Moneylenders Act, an individual may be sentenced up to nine years in jail and given 18 strokes of the cane, as well as a fine of up to S$60,000.

Member of Parliament Christopher De Souza had asked DPM Teo if he could provide an update on the number of UML and UML-related harassment cases that have been investigated and prosecuted last year. CHANNEL NEWSASIA