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Singapore Law Society Proposes new Rules to Curb Defalcations
Posted on Wednesday, June 28, 2006 - 10:00 AM
It was reported in Singapore media that the Law Society of Singapore has come up with a proposal to tighten laws surrounding solicitors' accounts rules aimed at being fool-proof against fraud. This follows the case of David Rasif who is reported to have disappeared with over S$10 million of his clients' money.
The society then feels the only way to reduce future fraud cases is to have additional controls.
"For withdrawals of $50,000 or more, there must be a second key. The question is how to provide that effective second key. At the moment we're looking towards other professionals such as accountants, possibly trust companies or institutions such as the Singapore Academy of Law or even the Law Society if we're able to establish such a mechanism," Philip Jeyaretnam, President, Law Society of Singapore is quoted as saying.
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Oct 08, 2008 - 06:27 PM
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