Stiffer penalties imposed

[Ranmaru Mori]

Singapore
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Jan 8, 2010

Stiffer penalties imposed

<!-- by line --> By Rachael Chang
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The debate on the Moneylenders Bill and Medical Registration Bill is expected to dominate the sitting. -- ST PHOTO: JOYCE FANG

LOANSHARKS and errant doctors are to face stiffer penalties under proposed changes enacted in two Bills to be debated when Parliament sits from Monday. MPs have also tabled about 50 questions for the sitting, but three subjects appear to capture the interest of several: climate change, teaching of Chinese in schools, and the impact of a rapidly-expanding population on the supply of HDB homes and infrastructure. However, the debate on the Moneylenders Bill and Medical Registration Bill is expected to dominate the sitting. In recent years, loanshark activities have intensified, with cases reported rising from 10,221 in 2006 to 11,789 in 2008. To arrest the problem, the proposed changes will increase the mandatory jail term and fine of offenders, who are also liable for caning. For both first-time and repeat offenders, the fine will be $30,000 to $300,000, an increase from the current $20,000 to $200,000. But the maximum jail term for first-time offenders is doubled, from two to four years. They also face possible caning of up to six strokes.

Read the full story in Saturday's edition of The Straits Times.

 

[kiwibird7]

Cracking down on loansharks is treating the SYMPTOM (the need to borrow) and not the DISEASE (POVERTY).

The loansharking industry astutely sees a great business opportunity with the imminent opening of the IR and responds with an expansion in their operations. Where there is a DEMAND, supply will come about even in the face of LEGISLATIONS. Do laws stop or reduce drug smuggling, prostitution, organ sales etc etc where MONEY can be made?

Why are there more and more LOANSHARKS in the first place? Because there are MORE AND MORE desperately POOR people out there who need cash but have POOR credit ratings that no bank or finance company wants to lend money to.

These desperately poor probably ran out of 'assets' to pawn as well. If the legislation is SO SUCCESSFUL that it eradicates all loansharks, the same desperate poor will turn to other means to secure cash; Prostitution, robbery, smuggling drugs, selling organs etc etc.