Press Release on the Moneylenders (Amendment) Bill 2006

09 MAR 2006

9 Mar 2006 Posted in Press releases

  1. The Moneylenders (Amendment) Bill 2006 was introduced and read for the first time in Parliament today.

  2. The Bill is part of the on-going effort of the Government to review and establish a more consistent regulatory regime for personal loans granted by moneylenders and financial institutions; and to prevent money laundering and the financing of terrorism.

  3. The main amendments in the Bill will give the Minister the necessary powers to make Rules to more effectively regulate the business of money lending, whether by those who are licensed under the Moneylenders Act or operating under exemptions from the Act. These include the power to introduce measures to prevent money laundering and the financing of terrorism through money lending activities.

  4. The powers of the Registrar of Moneylenders to administer the Act will also be enhanced by the Bill. He will have the necessary powers to obtain information and inspect documents.

  5. The appropriate Rules to be put in place are being worked out and will be finalised after Parliament approves the amendments proposed in the Bill, and consultations with the relevant stakeholders have been completed.

Issued by Ministry of Law - 9 March 2006

Last updated on 23 Nov 2012