What Is The Penalty of Unlicenced Moneylending in Singapore

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Moneylender in Singapore means a person who is the principal or agent, carries or hold himself out in any way as carrying on the business of moneylending, whether or not he carries on any other businesses.

In the case where the person is a body corporate, shall on conviction be punished with a fine of not less than $50,000 and not more than $500,000 or;

shall on conviction be punished with a fine of not less than $30,000 and not more than $300,000 and with imprisonment for a term not exceeding 4 years; and

in the case of a second or subsequent offence, shall on conviction be punished with a fine of not less than $30,000 and not more $300,000 and with imprisonment for a term not exceeding 7 years. 

Meanwhile, unlicensed moneylenders will also be subjected to as a criminal case and will be punished with the following penalty as well.

first time of an offence under the above will be liable to be punished with caning with not more than 6 strokes;

second or subsequent offence shall be liable to be punished with caning with not more than 12 strokes

Source
1. Moneylenders Act, Chapter 188
2. Criminal Procedure Code 2010, sections 325(1) and 330(1)

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