Singapore Criminal Lawyer-Unlicensed Moneylending

Unlicensed moneylendingAccording to the Moneylenders Act 2010 (Revised Edition), Chapter 188, all moneylenders in Singapore must hold a Moneylender’s Licence from the Registrar of Moneylenders. Operating a money lending business without a license is illegal. Unlicensed moneylenders are basically the “loans harks” who give out illegal loans which often come with exorbitant interest rates.

The Moneylenders Act (Cap 188) prescribes the crime and punishment for conducting loan sharking activities. Both the loan sharks and those who assist the loan sharks in their activities are liable for punishment. Some acts of assistance to the loan sharks include:

 moneylending

  • Harassed the debtors through acts like splashing paint, scribbling on walls, setting fire, locking gates, etc.
  • Acting as a lookout during harassment
  • Provided transport for runners
  • Collected debts
  • Provided funds for lending or allowing his premises to be used for loan sharking business
  • Provided or sold prepaid SIM cards to the loans harks
  • Opening bank accounts to facilitate money transfers
  • Promoting or advertising loan sharking activities

 Punishment for assisting loan sharks:

  • First-time offenders – fine between $30,000 and $300,000, jail up to four years, liable to six strokes of the cane
  • Repeat offenders – fine between $50,000 and $500,000, jail up to five years, liable to 12 strokes of the cane

 Conducting acts of harassment:

  • First-time offenders – fine between $5,000 and $50,000, jail up to five years, liable to six strokes of the cane
  • Repeat offenders – fine between $6,000 and $60,000, jail up to nine years, liable to 12 strokes of the cane.

And if you need legal representation, kindly contact Gloria James-Civetta & Co here, to get the legal advice you need

scl banner

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s