It's ok to borrow $$$ from ah long for now!

[General Veers]

<table border="0" cellpadding="0" cellspacing="0" width="789"><tbody><tr> <td colspan="3" height="26"></td> </tr> <tr> <td valign="top" width="5"></td> <td colspan="2" valign="top" width="784"> Govt not proceeding to make borrowing from loansharks an offence for now
By S.Ramesh, Channel NewsAsia | Posted: 12 January 2010 1640 hrs
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Associate Professor Ho Peng Kee </td> </tr> <tr> <td></td> <td class="update"></td> </tr> <tr> <td></td> <td>
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SINGAPORE: The Home Affairs Ministry has decided not to proceed to make borrowing from loan sharks an offence for now.

Moving the second reading of the Moneylenders Act in Parliament, Senior Minister of State for Home Affairs, Associate Professor Ho Peng Kee explained that the ministry has received mixed feedback on the issue.

He said some argued that whilst many borrowers turned to loan sharks because of gambling debts, there were also those who did so because of a genuine financial need such as a sudden unexpected bill to pay.

Others pointed out that criminalising borrowing may drive the loansharking problem deeper underground, deterring borrowers from reporting instances of harassment to Police and from coming forward to seek help.

Professor Ho noted that this, in turn, may embolden loan sharks to employ even more dangerous tactics against the borrowers.

For these reasons the ministry has not proceeded to do so at this stage.

But the authorities will target one group of errant borrowers.

They are those who deliberately provide outdated addresses in their identity cards or used false addresses to mislead loan sharks into harassing innocent households.

Professor Ho said to protect these innocent victims, the ministry will make it an offence for a borrower to provide false contact information to a loan shark which resulted in harassment activities being committed against an innocent person.

Such offenders can be jailed for up to a year. - CNA/vm



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[Boliao]

He said some argued that whilst many borrowers turned to loan sharks because of gambling debts, there were also those who did so because of a genuine financial need such as a sudden unexpected bill to pay.

No money means okay to borrow from loan sharks? However genuine the reason may be, why are we encouraging them to borrow from loan sharks? Why isn't our government doing something to provide them the loans they need to tie them over if the reason is genuine??

What a fuck up reason this is. So does that mean Police should assist loan sharks who have "genuine" problems getting their debtors to pay up??

Others pointed out that criminalising borrowing may drive the loansharking problem deeper underground, deterring borrowers from reporting instances of harassment to Police and from coming forward to seek help.

What a load of bullshit and fuckup logic this is??? Millionaire idiots. We pay millions for this?? :oIo:

 

[Watchman]

Even government ran out of solutions to those stupid peasant's problems .

Even government exploiting loan sharks !

 

[Watchman]

Hurray government give the green light to borrow from loan sharks .

 

[po2wq]

... Others pointed out that criminalising borrowing may drive the loansharking problem deeper underground, deterring borrowers from reporting instances of harassment to Police and from coming forward to seek help.

Professor Ho noted that this, in turn, may embolden loan sharks to employ even more dangerous tactics against the borrowers. ...

u allow gambling, so u can open gambling dens ...

u allow prostitution, so u can open brothels ...


go allow loan-sharking la ...

 

[Wedge Antilles]

Stronger measures spelt out in Moneylenders Act include freezing accounts of culprits


<table border="0" cellpadding="0" cellspacing="0" width="789"><tbody><tr> <td colspan="3" height="26"></td> </tr> <tr> <td valign="top" width="5"></td> <td colspan="2" valign="top" width="784"> Stronger measures spelt out in Moneylenders Act include freezing accounts of culprits
By S.Ramesh, Channel NewsAsia | Posted: 12 January 2010 1619 hrs
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The door of a flat vandalised by spray paint </td> </tr> <tr> <td></td> <td class="update"></td> </tr> <tr> <td></td> <td>
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SINGAPORE: Singapore's Parliament is debating changes to the Moneylenders Act aimed at strengthening measures to tackle the scourge of loan shark activities in the country.

Moving the second reading of the Bill in Parliament on Tuesday, Senior Minister of State for Home Affairs, Associate Professor Ho Peng Kee said a key focus is to introduce powers that will disrupt the finances that sustain loan shark operations.

Among them - mandatory caning for first time offenders who hurt people or damage properties and a framework to freeze assets.

Professor Ho explained that freezing assets will hurt loan sharks where it matters most and disrupt the criminal proceeds.

Such a freezing order is applicable to proceeds of loansharking in the form of cash, shares, bank accounts as well as physical assets such as houses and vehicles.

He explained that despite several measures in 2005, loan shark activities persist.

Except for a respite in 2007 when the number of loan shark and harassment cases dropped slightly, the number of reports has continued to rise.

There were 11,879 cases in 2008 and 18,645 cases last year.

And as loan shark syndicates evolve to take on more characteristics of organised criminal groups, it is no longer sufficient to deal with them as discrete acts of runners and harassers.

He stressed that Singapore needs measures that will choke the supply of funds and availability of foot soldiers, target the irresponsible borrowers and take loan sharks out of the system for as long as it is needed.

To cripple the many layers of a loan shark syndicate, Professor Ho warned that anyone who facilitates a loansharking operation will attract the wrath of the law.

This includes acts like selling pre-paid SIM cards to loan sharks, transporting runners to harassment targets and acting as a lookout.

Professor Ho added that over the past three to four years, loan sharks have been recruiting youths.

Last year, 154 youths aged 19 years and below were arrested for loan shark and related harassment activities compared to 63 arrested in 2008. - CNA/vm



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[Internet Brigade]

Its a delicate proposition. If you give immunity to borrowers, you will end up with people taking large sums of money from the loan sharks and thereafter reporting the loan sharks to the police.

Yet how can you tell for sure someone borrowed from a loan shark? If you are accused of borrowing, and there are mandatory laws at hand, you will be punished for nothing.

 

[jw5]

The biggest irony of all is that the people who have the power to eradicate this problem and the people who are at the helm of causing this problem all live in big houses, which are free from the ills caused by the runners.
It is the poor borrowers, the innocent neighbours, the middlemen lenders and the "take-the-fall" runners who have to pay the heavy price.

 

[Glaringly]

More jobs opening for FTs, since their assets are beyond the reach of this law?

With so many available and since it's a known fact then 1 local equals multiple FTs, these head sharks can easily adds more layers of runners to avert detection?

 

[Mdm Tang]

Even government ran out of solutions to those stupid peasant's problems .

Even government exploiting loan sharks !

Solutions To Tackle Problems


Can some brothers here write to government to set up telephone

hot lines to handle info and leads and captures there loansharks

. Allow people to offer "REWARD" to informants to capture loan

sharks and to allow for protection to informants . Set up a

special dept in Police to provide train undercover cops/ informants

to catch

these loan sharks can or NOt ????

 

[scroobal]

Don't worry, this time around, they will bring it down drastically. They have been given funds, the laws now covering tax probes on familiy members associated with Ah Long, companies being used as front etc. They are going for the top and going for the structure.

Solutions To Tackle Problems


Can some brothers here write to government to set up telephone

hot lines to handle info and leads and captures there loansharks

. Allow people to offer "REWARD" to informants to capture loan

sharks and to allow for protection to informants . Set up a

special dept in Police to provide train undercover cops/ informants

to catch

these loan sharks can or NOt ????

 

[VIBGYOR]

hmm...

i wonder what the peasants do to avoid payments....like causing an Ah Long arrests...

Ah Long go to jail, no need to pay leow!

wah so many possibilities..

 

[shOUTloud]

Finally, this loan sharks thingy is really a scourge on society.

 

[longbow]

Simple solution. Allow loansharks/micro loans - whatever you call it but regulate like crazy. OK for high interest rate but loan quantum must be limited. Also if debtor cannot pay NO physical harassment and have to go to court. If debtor declare bankrupt then no more harassment. Loansharks must register. Illegal loan sharking comes with high penalties.

Its a delicate proposition. If you give immunity to borrowers, you will end up with people taking large sums of money from the loan sharks and thereafter reporting the loan sharks to the police.

Yet how can you tell for sure someone borrowed from a loan shark? If you are accused of borrowing, and there are mandatory laws at hand, you will be punished for nothing.

 

[longbow]

No different from you not paying back on your CC bill. There are formal procedures to follow. They could also setup a form of small claims court for this type of disputes. Point is to legitimise such business and eradicate strong arm collection tactics.

hmm...

i wonder what the peasants do to avoid payments....like causing an Ah Long arrests...

Ah Long go to jail, no need to pay leow!

wah so many possibilities..

 

[VIBGYOR]

woohoo! more tax dollars for the gabramen!

 

[Mdm Tang]

woohoo! more tax dollars for the gabramen!

Hmmm.... i think the message is now all low income

and out of job and in financial distresss can go to

Loan Sharke .... Ho sei ahhh........

 

[ahleebabasingaporethief]

Hmmm.... i think the message is now all low income

and out of job and in financial distresss can go to

Loan Sharke .... Ho sei ahhh........

According to several sources (which will never be printed in our prostitute times) many go to loan sharks because they need money to pay for their HDB fees....i.e. rentals, mortage, electric, etc.

Now you know why they say it's ok to lend from LOAN SHARKS?

Also, CHIEF AH LONGS are connected and well known.
​

 

[cooleo]

Where's the logic?

If u no money, u borrow loansharks. Loansharks charge interest higher than the sky. If u poor, u become poorer FASTER!

Looks like Gahmen talking out of its ass again!

 

[Rogue Trader]

It is ok to borrow from ah long as long as you return. Loanshark, despite all the bad reputation, is in business because they don't ask for collateral like the banks. it is quick and simple way of rolling credit and bridging cashflow.
people get fxck up by ah long usually are gamble addicts. no matter how much anybody lend them also no use.