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PM issues directive to fight “black credit”

April, 26 2019
MPS - Prime Minister Nguyen Xuan Phuc has released Directive 12/CT-TTg on enhancing prevention and fight against black-credit activities.

Over the past time, “black credit” has resulted in various crimes and law violations in localities across the country, negatively affecting security and order in the localities. “Black credit” network operators, usurers, have taken advantage of the Internet and telecommunications networks and acted as financial support businesses to offer loans with very high interest rates ranging from 100 % to 700 % per year. In doing so, they have earned big from those who needed cash.

Under the PM’s Directive, ministries, ministerial-level agencies, and provinces and centrally-run cities are asked to step up the prevention and fight against crimes, law violations in general and crimes and law violations related to “black credit” in particular, protecting people's rights, interests and assets and guide people to lawful loans from banks and other financial activities.

Following the Directive, the Ministry of Public Security is asked its police agencies and units nationwide to launch campaigns to fight all types of crimes and law violations related to “black credit” as well as to attack gambling rings and fraud and illegal property appropriation via illegal capital mobilization.

by Thien Huong