After a long wait of around 19 months, a new legislation is revealed in parliament to keep a check on the scams done by lawyer with their customer’s conveyancing money. After the series of pilot trails since august 2009 the ministry of law (MiniLaw) has boycotted the lawyer for keeping the clients conveyancing money in their regular client account.

Proper banker would be appointed like DBS, OCBS or UCB for keeping up the clients’ fund. These funds would be utilized to pay stamp duties or among other things. On the breach of this law lawyers have to pay a penalty of maximum S$50,000 or could be jailed. There would be proper check on the transaction of funds from the accounts.

Like two signatory signatures will be required for payments, name of law firm have to be mentioned on the instrument. Electronic Payment Instruction (ePI) will also be provided by Singapore Land Authority (SLA). Lawyers can also open escrow Accounts.

There are several scams which came in to picture. In a case, David Rasif had used S$11 million of his client to buy a house. Another scam came was of another lawyer, Zulkifli Mohd Amin. Later it was informed that no one can draw more than S$5,000.