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ABOUT THE PROGRAMME
In March 2018, amendments were passed to the Legal Profession Act (“LPA”) introducing a framework for dealing with unclaimed client money. The Unclaimed Money Fund (“Fund”) will be maintained and administered by the Law Society of Singapore. The Fund provides a practical solution to the problem of client money left unclaimed in a client account where, for example, the client becomes uncontactable. Lawyers and Singapore law practices will be allowed to transfer unclaimed client money into the Fund, subject to complying with certain requirements in the LPA and the approval of the Law Society.
This seminar will provide an overview to the framework and explain how it will work with reference to the applicable legislation and other relevant materials.
Members will also be guided through the application process for the transfer of unclaimed client monies into the Fund.