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Release funds in dormant accounts for charitable uses: NMP

To better make use of funds that have remained untouched for 15 years or so, the Government could consider releasing the funds in dormant accounts for charitable uses, says NMP Laurence Lien.

SINGAPORE: Nominated Member of Parliament Laurence Lien on Monday (July 7) suggested to the Finance Ministry and the Monetary Authority of Singapore (MAS) to consider releasing the funds in dormant accounts for charitable uses, in order to better make use of funds that have remained untouched for 15 years or so.

Mr Lien brought up the example of the United Kingdom, which introduced such an Act to much success over the last six years.

Speaking on behalf of the Finance Minister and as a board member of MAS, Minister for Culture, Community and Youth Lawrence Wong said this was something MAS would look into.

"MAS is working with financial institutions on ways to trace and encourage holders of dormant accounts to come forward and claim their funds,” said Mr Wong. “MAS will also review the need for a policy on managing dormant accounts and unclaimed funds, taking into account practices in other jurisdictions."

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