The Ministry of Finance and Economy (MoFE) has never collaborated with other parties to offer money lending services, it said in a joint statement with the Brunei Darussalam Central Bank (BDCB) yesterday.
The statement came in light of money lending services being advertised through social media applications such as Facebook and Telegram, and using the MoFE’s logo.
The ministry has received complaints from the public regarding the matter.
The public is advised to be more cautious, not to easily trust such offers and not to make any transactions without ensuring the authenticity of the information first.
The unauthorised use of the logo of any government agency is a serious matter. The act of cheating by impersonation is punishable under Section 419 of the Penal Code, Chapter 22 and carries a penalty of imprisonment for a term not exceeding seven years and fine, upon conviction.
In addition, disseminating false information that can likely cause public alarm is a criminal offence under Section 34 of the Public Order Act, Chapter 148, carrying a penalty of a BND3,000 fine and three years’ imprisonment.
The BDCB also reminded that any persons wishing to carry out the business of money lending are required to be licensed under the Moneylenders Act, Chapter 62. It is an offence under Section 8(1) of the Moneylenders Act for any person to conduct business as a moneylender without a license, punishable upon conviction with a fine of BND500 and imprisonment for 18 months. BDCB will take action against unlicensed moneylenders.
Should members of the public come across or suspect individuals or entities offering unlicensed money lending services, they can contact the BDCB Financial Consumer Issues at 8380007 or email fci@bdcb.gov.bn.
The public can lodge a report to the Royal Brunei Police Force if they fall victim to such illegal practices.
Visit www.bdcb.gov.bn for the list of financial institutions licensed by BDCB, as well as the BDCB Alert List. – James Kon
