The Police have arrested a 67-year-old man for his suspected involvement in carrying on the business of unlicensed moneylending.
Acting on information received, officers from the Criminal Investigation Department and the Commercial Affairs Department arrested the man on 24 November 2019. During the operation, mobile phones and remittance records were seized as case exhibits. Preliminary investigations revealed that the man is believed to have issued loans and provided remittance services without a licence, to foreign domestic workers (FDWs). A 40-year-old female FDW, who is believed to have abetted the suspect in providing remittance services, is assisting in investigations.
Under the Moneylenders Act (Revised Edition 2010), anyone found guilty of carrying on or assisting in a business of unlicensed moneylending shall be liable on conviction to a fine between $30,000 and $300,000, be imprisoned for a term of up to four years and shall also be liable to be punished with caning of up to six strokes. Foreign workers who have assisted or borrowed money from unlicensed moneylenders may also be repatriated and barred from working in Singapore.
The Police will not hesitate to take action against any individuals or entities involved in conducting unlicensed remittance business, as they may be conduits for money laundering and terrorist financing. Anyone convicted for the offence under the Money-changing and Remittance Businesses Act shall be liable to a fine not exceeding $100,000 or to imprisonment for a term not exceeding two years or to both and, in the case of a continuing offence, to a fine not exceeding $10,000 for every day during which the offence continues after conviction. Foreign workers found carrying on such activities will also be referred to the Ministry of Manpower (MOM) for investigation under the Employment of Foreign Manpower Act, which carries a maximum punishment of $20,000 in fine and/or two years’ imprisonment for first-time offenders.
The Police have observed that foreign workers, including FDWs, are increasingly borrowing money from unlicensed moneylenders. In some instances, these foreign workers would assist the unlicensed moneylenders in their illegal activities or be running the operation themselves. The Police have engaged relevant ministries and partners, such as the MOM, Centre for Domestic Employee (CDE) and Foreign Domestic Worker Association for Social Support and Training (FAST), to educate foreign workers against borrowing from unlicensed moneylenders. The Police will continue to work closely with the relevant stakeholders to intensify our outreach efforts to warn foreign workers against the severe consequences of getting involved in unlicensed moneylending activities.
Members of the public who wish to remit money to another country should do so through a licensed bank or licensed remittance agent. The Police would also like to urge employers of foreign workers to remind them to stay away from unlicensed moneylenders and not work with or assist the unlicensed moneylenders in any way. The public can call the Police at ‘999’ or the X-Ah Long hotline at 1800-924-5664 if they suspect or know of anyone who could be involved in unlicensed moneylending activities.
SINGAPORE POLICE FORCE
26 November 2019 @ 10:20 PM