Monetary Auth of Singapore Authorised body to manage escrow accounts
A lawyer went missing after mismanaging an escrow account. The control in the lawyer firm is lax. 

It is better to set up a public body to manage escrow accounts for a fee. With a large organization, it is easier to ensure that the escrow agreement is properly drafted and that all payments from the escrow account are properly authorized.

Alternatively, a few large organizations can be appointed to manage the escrow accounts for a regulated fee.

There will be a big demand for this service, as the money involved in many large transactions, e.g. property and share purchases,  have to be kept in an escrow account pending completion of the legal agreements.

Tan Kin Lian

Vote - do you agree with the setting up of a separate body to manage the escrow accounts?



 

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