Persons who assist UML will have ATM and Internet Banking terminated
Persons who have been convicted of helping unlicensed moneylending syndicates will have their ATM and Internet banking facilities terminated under a 3-year pilot trial by the Police.
The same goes for those who have been issued stern warnings.
Revealing this in the committee of supply debate, Second Minister for Home Affairs, S Iswaran, says they will be denied such services for a year after which the banks will assess whether to reinstate them.
"Police has detected an increasing incidence of debtors assisting unlicensed moneylending syndicates by allowing their bank accounts to be used for transactions.
But the number of reported unlicensed moneylending and related harassment cases has fallen by over 55 per cent since 20-09.
Last year, about 8,300 such cases were reported.
Mr Iswaran says this is the combined result of Singapore's tough laws, sustained enforcement effort complemented by the use of technology such as CCTVs as well as public education and community partnership.
He says the Home Affairs Ministry will continue to work on legislation targeting organised crime that will strengthen enforcement efforts against various levels of unlicensed moneylending syndicates.
This includes those who are based overseas but conduct their unlawful activities in Singapore.
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