Singapore has introduced a new electronic service to enhance the conveyancing workflow, according to its Ministry of Law.Singapore Land Authority’s ‘Electronic Payment Instruction’ or ‘ePI’ service will enable lawyers to notify banks of the details of conveyancing money paid through electronic means instead of hard copy forms.
The Inland Revenue Authority of Singapore, the state’s tax office, will also accept electronic stamp duty payments through ePI, streamlining the conveyancing transaction workflow and reducing processing time. In August last year (2011), the country introduced measures to regulate how lawyer can receive and hold conveyancing money, in an attempt to protect such funds.
The measures required lawyers to hold conveyancing money in conveyancing accounts with one of the seven specially appointed banks.
futuregov.asia
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