UMACA: Unclaimed Moneys Act – Compliance and Administration

The essence of an Unclaimed Moneys Act is that when a company or organisation finds that it is holding money which is due to another party, but that it cannot trace the person to whom the money is payable, it should pass the funds to the government for safe keeping. The government may utilise those funds, for the benefit of the whole community: but it also preserves the money so that if the owner eventually comes to reclaim it, the funds can be repaid.

The United States of America, Australia, Malaysia, New Zealand and Ireland are five leading countries that have implemented versions of Unclaimed Moneys (or Monies) Acts. The UK, the European Union, Singapore and certain African countries have considered the need for such an Act, but have yet to formulate legislation.

The UMACA project has three objectives.