Tag Archives: Singapore Academy of Law

Proposed safeguards

Posted on 14 Aug 2009 | Comments Off on Proposed safeguards

THE Law Ministry had made several recommendations to protect monies entrusted to lawyers by buyers and sellers of properties.

On Tuesday, it proposed that all payments for property deals will, in future, be held by the Singapore Academy of Law or commercial banks, and not law firms.

The general details of how this will work were released by the Law Ministry, as it sought public feedback on a final solution to the longstanding problem of some lawyers running off with their clients’ money.

Among other proposals, the ministry suggested that the academy take over the role of the law firm in holding the deposit, which it pays out in due course. Clients do not have to deal with the academy directly. Property buyers and sellers will also not be inconvenienced.

The ministry is in talks with local banks such as UOB, OCBC and DBS to provide the service.

Source : Straits Times – 14 Aug 2009

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Posted in Conveyancing / Legal

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Changes meant to put clients at ease

Posted on 12 Aug 2009 | Comments Off on Changes meant to put clients at ease

ONE lawyer noticed his clients being “extra cautious” when engaging him to oversee their property transactions.

It was not unexpected, said Mr Suppiah Thangaveloo of Thanga and Co, given the recent series of lawyers absconding with clients’ cash.

“I’ve not heard any snide remarks but I’ve noticed that many of (the clients) are more inquisitive in matters concerning money,” he said. “They’re just being careful; previously, most clients would entrust everything to the lawyers.”

Clients’ concerns could soon be put to rest, if proposed changes tabled by the Law Ministry kick in later this year. Lawyers would be barred from receiving conveyancing monies during property transactions.

The deposit monies would, instead, be held in trust by the Singapore Academy of Law (SAL) or some other entity appointed by the Law Minister, Continue reading →

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