Thai Finance Ministry to step up loan shark eradication measures

[webfact]

Finance Ministry to step up loan shark eradication measures

BANGKOK, 8 May 2014, (NNT) -The Finance Ministry has instructed the Revenue Department to urgently inspect loan shark operations, particularly those placing advertisements on social media.

The Finance Permanent Secretary, Rangsan Sriworasart, insists officials take legal action against the illegal money lenders when found to be evading taxes, suggesting that their bank statements be inspected.

He said the Ministry has closely followed the issue, saying that the advent of social media had enabled more personal advertising of the foul operation to the public, concluding that the authorities too must adjust their strategies to eradicate the illicit business practice.

The Permanent Secretary said his ministry has appointed the Fiscal Policy Office to study and formulate appropriate debt reduction measures, in their bid to eliminate debts to loan sharks.

Meanwhile, Mr. Chanachai Prayoonsin, Director of the Public Monetary System Development Policy Office, stated several complaints have been made regarding loan scams as a form of investment fraud, along with operations featuring financial pyramid schemes. He expressed his concern that such swindles are on the rise, while urging the public to arm themselves with knowledge to combat such wicked practices.


-- NNT 2014-05-08

[NeverSure]

So if you aren't part of the club and are freelancing on facebook you're out, huh?

[Costas2008]

The Finance ministry, should first identify the police partners in loan sharks mafia.

[Bluespunk]

"The Finance Permanent Secretary, Rangsan Sriworasart, insists officials take legal action against the illegal money lenders when found to be evading taxes"

Ah, now it's clearer

[edwinchester]

The Finance ministry, should first identify the police partners in loan sharks mafia.

Well said. It is not the few that advertise on FB etc but the vast majority that operate at the local level with the cooperation of the Police that are the problem.

[NongKhaiKid]

The Finance ministry, should first identify the police partners in loan sharks mafia.

Well said. It is not the few that advertise on FB etc but the vast majority that operate at the local level with the cooperation of the Police that are the problem.

Does this mean I might not see the two men who operate in my area on a m/cycle and wearing helmets with the darkest of visors again.?

Seem like such decent lads.

[Changoverandout]

The Finance ministry, should first identify the police partners in loan sharks mafia.

Well said. It is not the few that advertise on FB etc but the vast majority that operate at the local level with the cooperation of the Police that are the problem.

Does this mean I might not see the two men who operate in my area on a m/cycle and wearing helmets with the darkest of visors again.?

Seem like such decent lads.

They get around a bit don't they - just saw them drive past here!

[NongKhaiKid]

The Finance ministry, should first identify the police partners in loan sharks mafia.

Well said. It is not the few that advertise on FB etc but the vast majority that operate at the local level with the cooperation of the Police that are the problem.

Does this mean I might not see the two men who operate in my area on a m/cycle and wearing helmets with the darkest of visors again.?

Seem like such decent lads.

They get around a bit don't they - just saw them drive past here!

Can they claim a mileage, sorry kilometer, allowance ?

[Lupatria]

Upcoming world cup, illegal betting and loansharking works very well together here and we all know the beneficiaries but the high paid KhaoSan diploma holders at the Finance Ministry and Revenue Department have no clue?

[Pib]

....Revenue Department to urgently inspect loan shark operations...

I'm sure all loan sharks will have an open door policy when the Revenue Dept comes calling. And I expect many Loan Sharks will call the Revenue Dept to setup an audit appointment instead of waiting for the Revenue Dept to eventually get around to them. Loan Sharks are basically law abiding and good people...ask any Loan Shark--but ask them nicely and be sure to say please.