INTRODUCTION OF NEW MEASURES BY THE MINISTRY OF LAW TO SAFEGUARD CONVEYANCING MONEY FROM 1 AUGUST 2011

From 1 August 2011, new measures will take effect to safeguard conveyancing money. Lawyers will no longer be allowed to receive and hold conveyancing money in their normal client accounts (as is the current practice). Instead, Lawyers will only be allowed to receive and hold conveyancing money in a new type of bank account, called a Conveyancing Account. These Conveyancing Accounts will be opened with Appointed Banks designated by the Minister for Law. Withdrawal or pay-out of money from Conveyancing Accounts will require two-party authorisation.

For more information on the measures, legislation, guidebook explaining the revised workflows, list of appointed banks and frequently-asked-questions,
please check online at www.conveyancing.sg. Members with queries may also call the conveyancing hotline at: 68381 CVY or 6838 1289.