Bank of China is one of the banks appointed by the Ministry of Law to open dedicated accounts for overseas property lawyers
Two high profile cases in 2006 and 2007 resulting in fraud of around S$17 million (US$14 million) have prompted Singapore to introduce new measures next month to protect property buyers from rogue overseas property lawyers.
The Conveyancing (Miscellaneous Amendments) Bill was passed in Parliament in April and will come into force on August 1st 2001. The aim of the new legislation is to tighten the safeguards in terms of lawyers holding conveyancing monies.
The law change means that overseas property lawyers in Singapore will no longer be allowed to hold and receive such money in their standard client accounts. The money must instead be held in dedicated accounts offered by the Ministry of Law.
According to Channel News Asia, five banks have been appointed: Bank of China, DBS Bank, Overseas Chinese Banking Coorporation (OCBC), Bank of East Asia and United Overseas Bank (UOB).
Any overseas property lawyers found in breach of the rule may be fined up to S$50,000 (US$41,500) or face a prison sentence of up to three years.
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