Unclaimed Money Fund
The Unclaimed Money Fund (the “Fund”) is a fund administered by the Law Society of Singapore to help solicitors and law practices deal with the problem of unclaimed client money. The Fund comes into force on 1 November 2019.
During the course of client engagements, solicitors and Singapore law practices will receive money in their client accounts, where the money is held until it is paid out on the client’s instructions or returned to the client. However, money may sometimes be left unclaimed in a client account, such as when the client becomes uncontactable or untraceable. When this happens, solicitors and law practices may apply to the Law Society to transfer this unclaimed money to the Fund. Information for solicitors and Singapore law practices can be found here.
Owners of the unclaimed client money who wish to claim the money that was transferred to the Fund may then apply to the Law Society within 6 years of the transfer date to have the money returned to them.
The Fund is governed by: