Cases of unlicensed moneylending and related harassment in the first half of the year have been significantly reduced, according to the Minister of State for Home and Foreign Affairs.
Senior Minister Masagos Zulkifly revealed in Parliament today that there were only 3,235 such cases reported between January to June of 2014 as compared to the 4,729 cases in the same period in 2013. Furthermore, the number of reported cases have been steadily declining since 2010.
He attributes the improvement to the tough laws enacted and strong enforcement efforts against loan shark syndicates, combined with the high level of community support in the siege against unlicensed moneylending activities.
Even so, he reminds that some loan sharks have been operating under the guise of licensed moneylenders, and two have been charged and convicted in court in recent years. The Singapore Police Force will continue to work together with relevant agencies to monitor loan shark activities.
Photo: Derek Gavey via Wylio
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