Desmond Tan on combating unlicensed moneylending

Police have not detected an uptick in unlicensed moneylending (UML) cases since October 2021. Between October and December 2021, there were 917 cases of UML and UML-related harassment reported. This is a drop of eight per cent, compared with the same period in 2020. Minister of State for Home Affairs Desmond Tan, who gave this update in reply to an MP’s questions in Parliament on Tuesday (Apr 5), said Police take a tough stance against UML activities. In 2021, they conducted 11 major enforcement operations and investigated a total of 1,682 subjects. Police also actively work and share information with foreign enforcement agencies to dismantle UML syndicates operating from outside Singapore. They work closely with the banks to disrupt the operations of UML syndicates. Police have also been enhancing outreach efforts to educate the public against borrowing from unlicensed moneylenders. Police are planning a new run of campaigns to educate and remind the public on the perils of borrowing from unlicensed moneylenders.