UMACA : 3 Objectives

THE BOOK
In Malaysia, where the Unclaimed Moneys Act has been on the statute book since 1965, TPR has commissioned Malaysian law writer Daniel Chandranayagam to develop a handbook – the first of its kind – on The Law and Practice of Unclaimed Moneys in Malaysia. The research and construction of the book is taking place online, at www.umaca.com. The finished work will be published in print as a reference work for students and practitioners of both law and accountancy.

DEVISING BETTER WAYS OF SEARCHING FOR DATA
Countries that operate an Unclaimed Moneys Act typically publish details of the moneys they receive in a State or Government Gazette, so putting the information into the public domain. It is quite a separate task to make that information readily and usefully available to the individuals and companies who may need it in order to recover moneys that they are entitled to recover from the authorities. TPR's parent company is Interum Limited, based in Europe. Interum has commissioned a developmental system, using the public domain data from Malaysia, that provides a powerful online search and claims procedure. The Beta test system is being developed. In the future, interested parties can apply for access to the system here.

THE DRAFTING OF A MODEL ACT
As more governments considered implementing parallel legislation, and as finance becomes ever more fluid between jurisdictions, it seems worthwhile to consider what the key elements of any effective Act should be. Some legislatures are already looking at this. But experience in Malaysia, in particular, shows that there are more elements to the effective practice of an Unclaimed Moneys Act than were first appreciated.