Thursday, August 01, 2013

Will MAS do the same?

Someone sent this news to me and asked, "Will MAS do the same?"

China moves to eliminate financial scam advertisements
AFP | Thu, Aug 01, 2013
BEIJING - China kicked off a nationwide campaign on Thursday to do away with advertisements for financial scams promising big returns at no risk, highlighting concern over the potential for trouble as financial know-how lags behind rising personal wealth.

The China Banking Regulatory Commission said the three-month "clean-up campaign" would take aim at the huge number of advertisements in China for wealth management products, no-interest loans, real estate and many other "no-risk, high-return" schemes from planting forests to breeding animals.

A commission statement said the campaign would "protect the legitimate interests of the masses" and "clean up the market environment".

Such advertisements, it said, would be eliminated, advertisers identified and their actions used to educate the people. Preventive policies would be put in place and offenders investigated.

Financial scams have multiplied in China as individual wealth grows, but a lack of financial knowledge and education means many people do not know how to protect their money.

People convicted of big frauds in high-profile cases have been sentenced to death as authorities remain wary of the potential for social unrest.

Last month, police had to intervene after about 1,000 people overran a branch of China's central bank in a southern town as a rumour spread that it was handing out zero-interest loans.


Lye Khuen Way said...

Time for our MAS to learn from the PRC.
We used to look down on our neighbours, believing that Singapore was top in every field of governance etc.

Sadly, not only did we not progress, in some areas, I believe, we actually back-paddled!

yujuan said...

No, MAS won't do the same, and fraudsters and cheaters would do their business as usual.
Unlike USA where cheaters of white collar crimes face crippling punishments, Singapore laws are relatively light-handed. After some years in jail, still come out a good person, and you could enjoy your spoils if you plan well.
E.g. former NKF CEO Durai was the smart one, quietly pilfering and stashing money abroad, covering his tracks so well, leaving none of his millions in Singapore, even his residence was rented.
Outwitting the Govt with such brains, that our Govt was forced to save face by charging him on some insignificant abnormal employment protocol of an employee.
Thus it's worth the effort to embark on a cheating career in Singapore. It pays very well, and you dun face capital punishment, unlike China.

Blog Archive