Go..Gol.. Goal!! There goes my bet against my friend on supper. Disappointed by the big teams loses in this recent World Cup? Who could forget England’s recent World Cup disappointment against Uruguay? Out after just two games! We at Empire Global were glued to the television and were totally saddened by the team’s loss. Terrible performance wasn’t it?
Well if you had been staying up vigilantly catching this year’s World Cup matches, our local police has been going around catching illegal betting centres and moneylenders who violated the law.
Large spike in Illegal Betting this World Cup
There has been a large spike in illegal soccer betting activities due to gamblers faulting on their loans, turning to ah-longs or illegal moneylenders to facilitate their gambling addiction.
We are seeing more of such cases being reported and we had to turn some customers away whom had long-standing debts with these ah-longs.
Ah-longs are further targeting victims who have succumbered to heavy betting losses turning them into “agents” or bookmakers for them.
These ah-longs harass and embarrass others when they collect money leading to moneylenders getting a bad name by the public. There has been public outcry and calls for review of the moneylending industry and the change has occurred just about recently.
New Rules for Moneylenders
Previously we wrote about how this year’s Budget 2014 is looking at revising the moneylending industry , it has come to be true. In recent news, the Ministry of Law has formed an advisory committee to review regulations for the licensed moneylending industry. This in turn could be good news for borrowers allowing better protection.
The advisory committee will review and implement practises such as capping of interest rates, restrict charging fees by moneylenders. This is to further look into bad moneylenders abusing their licenses and resorting to harassment means, excessive borrowing and charging exorbitant rates.
With a stop to new licenses being issued to moneylenders since 2012, there has been a call to better review the licensed moneylending industry.
The committee is looking to cap the number of loans that a borrower is allowed to borrow, this in turn could lead borrowers to turn to illegal moneylenders. Which is why we advocate proper borrowing and educate our borrowers here at Empire Global.
Read more on: New Rules for Moneylenders
God of Football Gambling? Do Not Bet Illegally!
Never ever bet with illegal online bookmakers thinking it is more convenient and provide better odds. That will not be the case when you are arrested, charged in court and given a hefty fine.
Betting with illegal bookmakers = Fine up to $5000 or imprisonment up to 6mths or both
Being involved with illegal bookmaking = Fine at least $20000 and up to $200,000. Imprisonment up to 5years.