31 Jul '11, 11am

New rules to protect conveyancing money kick in Aug 1: By Millet Enriquez | Posted: 31 July 2011 1928 hrs SINGAP...

SINGAPORE: From August 1, the Ministry of Law (MinLaw) will be implementing new measures to safeguard conveyancing money from rogue lawyers. In a news release, the Ministry of Law said: "With the new measures, clients' money in conveyancing transactions will enjoy a higher standard of protection." Under the new rule, lawyers will no longer be allowed to receive and hold monies used for purchase or sales of properties unless they are deposited in a specific conveyancing account with five appointed banks, kept with the Singapore Academy of Law (SAL) under its Conveyancing Money Service or placed in an escrow account jointly opened by lawyers acting for the respective parties. The five appointed banks are Bank of China, DBS Bank, Oversea-Chinese Banking Corporation (OCBC), The Bank of East Asia, and United Overseas Bank (UOB). Lawyers who violate this provision may be fined u...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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