This item was published during the term of a previous administration that ended in April 2007
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Crackdown on loansharks
08/12/2003
The Department of Trade and Industry unveiled a scheme to crack down on illegal moneylenders today.
A trading standards team, to be based in Glasgow from April 2004, will identify and target loansharks across Scotland and bring them to court.
Deputy Communities Minister Mary Mulligan said:
"Loansharking is utterly corrupt, and I fully support this attempt by the DTI to take illegal moneylenders out of our communities. They charge extortionately high interest rates and thrive on a culture of fear and dependence. They prey on impoverished communities and are often involved in other crimes such as drug dealing.
"The targeting of loanshark will help rid our streets of those individuals who take advantage of some of our most vulnerable and disadvantaged people.
"With DTI support, the Glasgow-based team will be leading the way for Scotland in tackling illegal moneylending. This is about targeting resources so that criminals can be brought to justice.
"But it will be crucial to have money advice services available in communities in the aftermath of operations to remove moneylenders. This is a key objective of our financial inclusion work, and we will be actively supporting this scheme to make sure these services are available.
"We have already provided 3 million pounds per annum from 2002/03 to increase the provision of money advice services in Scotland. This has resulted in 120 additional money advisers across Scotland.
"Our work in tackling financial exclusion continues, and I am committed to helping families and individuals with money problems find a way out of difficulty without sinking further into debt."