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Gov't moving to regulate private lending agencies
2013-09-11 17:43:57 | (0 Comments)
Privately owned lending agencies to be regulated
The government is moving to regulate privately owned money lending institutions as part of efforts to combat money laundering activities.
Minister with responsibility for Information, Senator Sandrea Falconer says, amendments are to be made to the Micro Credit Act to facilitate the change.
Senator Falconer says the new regulations will help to protect persons who do business with private money lending institutions as well as set out a framework for guarding against illicit activities.
She notes that in the last 10 years there has been a significant growth in privately owned money lending institutions operating in the economy.
The Minister with responsibility for Information says the establishment of a regulatory framework for these privately owned money lending institutions will ensure that legislation for this segment of the industry is relevant and in keeping with changes in the economy.
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Source: The Gleaner/Power 106 News
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