Law Firms May Not Handle Home-buying Funds In Future
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2021-04-21 HKT 17:12
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The government says it’s considering whether to scrap the requirement that funds used to settle property transactions go through the accounts of law firms.
The suggestion came after the Law Society ordered the shutdown of the Wong, Fung and Co law firm last December for alleged malpractice.
Clients affected by the move said around HK$370 million meant for home-buying was frozen as a result.
In a written reply to a lawmaker's question on Wednesday, the government said the Monetary Authority (HKMA) is in discussions with banks over "an alternative payment mechanism", so that funds meant for home purchases need not be routed through the accounts of law firms.
"The proposed arrangement aims at minimising any impact on banks and clients in the event of serious disruption in the operation of a law firm and enhancing protection for the parties involved in a property transaction," officials said.
The government added that there had been special occasions where property deals had been settled through a bank cashier's order, without going through law firms.
It said the HKMA and banks were discussing the idea with stakeholders, such as the Law Society and the Consumer Council.
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