http://www.sammyboy.com/showthread.php?t=29751
Home > Breaking News > Singapore > Story
Aug 11, 2009
Because lawyers are far from honourable!
By K C Vijayan
The moves is meant to prevent rogue lawyers from running away with clients monies meant for conveyancing transactions. --ST PHOTO: ALPHONSUS CHERN
THE Law Ministry is seeking public feedback on moves to protect deposit monies paid to law firms hired to process property deals.
The Ministry is proposing new rules that will stop lawyers from receiving such monies and wants them placed with the Singapore Academy of Law or other institutions like banks instead.
The moves is meant to prevent rogue lawyers from running away with clients monies meant for conveyancing transactions as happened in 2007 when rogue lawyer Zulkifli Amin fled with $6 million.
A year earlier lawyer David Rasif also skipped town with some $11 million. Both are still at large.
Traditionally, lawyers hold clients' monies in both private property and HDB deals. They could be holding the monies as the seller's or buyer's lawyer or as the CPF Board's lawyers for the release of the buyer's CPF monies.
He may hold the monies in the firm's client account as deposits for the buyer to pay the seller's lawyer in exercise of the option to purchase. He could also be holding the monies to pay to IRAS for stamp fees or to complete the purchase of the property.
Under the proposed new rules, lawyers will be prohibited from receiving conveyancing monies which will be held by the Singapore Academy of Law or some other entity appointed by the Law Minister.
To prevent manipulation of the names of payees, the appointed entities will only pay to approved categories such as the sellers, mortgage banks and others as indicated.
Lawyers who fail to comply will face disciplinary actions under the new proposed moves.
You are invited to give feedback on the moves and the full consultation paper can be viewed at www.minlaw.gov.sg and http://app.reach.gov.sg/olcp/asp/ocp01a.asp.
The consultation period is from Aug 11 to 26.
Feedback may be sent in electronic form to [email protected] or hard copy form to:
Legal Policy Division
Ministry of Law
100 High Street
#08-02 The Treasury
S(179434)
Fax: 6332 8842
Latest comments
Another CPF scheme? in the making.
Only SAL can be trusted! That's the truth.
Lawyers are far from honourable because they attack one another unlike doctors who protect one another.
That guy who disappeared to Bangkok, Thailand...no news....
Posted by: kennyticks2010 at Tue Aug 11 19:37:42 SGT 2009
Home > Breaking News > Singapore > Story
Aug 11, 2009
Because lawyers are far from honourable!
By K C Vijayan
The moves is meant to prevent rogue lawyers from running away with clients monies meant for conveyancing transactions. --ST PHOTO: ALPHONSUS CHERN
THE Law Ministry is seeking public feedback on moves to protect deposit monies paid to law firms hired to process property deals.
The Ministry is proposing new rules that will stop lawyers from receiving such monies and wants them placed with the Singapore Academy of Law or other institutions like banks instead.
The moves is meant to prevent rogue lawyers from running away with clients monies meant for conveyancing transactions as happened in 2007 when rogue lawyer Zulkifli Amin fled with $6 million.
A year earlier lawyer David Rasif also skipped town with some $11 million. Both are still at large.
Traditionally, lawyers hold clients' monies in both private property and HDB deals. They could be holding the monies as the seller's or buyer's lawyer or as the CPF Board's lawyers for the release of the buyer's CPF monies.
He may hold the monies in the firm's client account as deposits for the buyer to pay the seller's lawyer in exercise of the option to purchase. He could also be holding the monies to pay to IRAS for stamp fees or to complete the purchase of the property.
Under the proposed new rules, lawyers will be prohibited from receiving conveyancing monies which will be held by the Singapore Academy of Law or some other entity appointed by the Law Minister.
To prevent manipulation of the names of payees, the appointed entities will only pay to approved categories such as the sellers, mortgage banks and others as indicated.
Lawyers who fail to comply will face disciplinary actions under the new proposed moves.
You are invited to give feedback on the moves and the full consultation paper can be viewed at www.minlaw.gov.sg and http://app.reach.gov.sg/olcp/asp/ocp01a.asp.
The consultation period is from Aug 11 to 26.
Feedback may be sent in electronic form to [email protected] or hard copy form to:
Legal Policy Division
Ministry of Law
100 High Street
#08-02 The Treasury
S(179434)
Fax: 6332 8842
Latest comments
Another CPF scheme? in the making.
Only SAL can be trusted! That's the truth.
Lawyers are far from honourable because they attack one another unlike doctors who protect one another.
That guy who disappeared to Bangkok, Thailand...no news....
Posted by: kennyticks2010 at Tue Aug 11 19:37:42 SGT 2009
