JOINT ACCOUNT

Good article!!! I received it from my friend about the Bank Joint Account in Malaysia.

"Just to share with you one recent article I read and shocked me a lot..

It happened in west Malaysia , about a husband and wife and one son. The husband passed away due to accident. The husband had a RM50,000 joint saving account with wife in a local bank. What happened is the wife ,like most people think, when husband passes away, she will get the money automatically since it is a joint account. But to her surprise, She could not withdraw even a single cent from the bank.

Joint saving account is meant for convenience when spouse needs it the most.. But most people always assume once the other holder dies, another half will get the money automatically which is very wrong.

I would like to share my opinion with all of you, you may take it as educational thoughts or for you to be aware.

When one person dies, the other joint holder of the saving account will get the money automatically only - if that particular bank practise 'JOINT TENANCY'. This terms means one party die, the other joint party gets money automatically.

But unfortunately, not all banks practise JOINT TENANCY, some foreign banks practise but most local banks don't practise.

If you want to be sure, just ask your bank whether your joint saving account based on JOINT TENANCY. If Yes, get the black and white.

Can you all imagine, when the other half passes away, the other half already suffers emotional loss. Now he/she will have to suffer another problem of having 'NO MONEY', although having money in a bank on a joint account.

Because of ignorance on the 'terms and conditions', the wife and the son have to suffer.

Hope the above can help for you. Just take note.

MALAYSIA IN "WHITE LISTED" - TRANSPARENT

MALAYSIA “WHITE LISTED” BY THE ORGANISATION FOR
ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)
Kuala Lumpur, 22 February 2010 - The Organisation for Economic Cooperation
and Development (OECD) has last week listed Malaysia in the
“White List”. The White List refers to a list of jurisdictions deemed to have
substantially implemented OECD standards for transparency and exchange of
information between countries.

“Malaysia is committed to internationally agreed standards and practices
governing international financial services and transactions, especially in the
area of exchange of information. The white-listing is a testimony to this fact”,
said Dato’ Seri Ahmad Husni Hanadzlah, Minister of Finance II. He added that
in relation to the Labuan International Business and Financial Centre (LIBFC),
the white-listing, in tandem with the new eight acts of legislation that have
recently been passed by Parliament, sets a higher platform for Labuan Financial
Services Authority to position LIBFC as a major regional and global offshore
financial centre.

Since April 2009, Malaysia has signed enhanced Double Taxation Agreements
(DTAs) in regards to the sharing of information with twelve following countries –
Belgium, Brunei, France, Ireland, Japan, Kuwait, Netherlands, San Marino,
Senegal, Seychelles, Turkey and United Kingdom. Malaysia will continue to
enhance its DTAs with other countries so as to ensure it is always in line with
internationally agreed standards and practices on exchange of information
(EOI).

Ends.

Ministry of Finance Malaysia
22 February 2010

Internationally Agreed Tax Standard

Commitment To Implementing The Internationally Agreed Tax Standard

Malaysia has signed the Exchange of Information (EOI) Protocol with Kuwait on 25 January 2010 as part of its commitment to implementing the internationally agreed tax standard on transparency and exchange of information. The EOI protocol, amending the Double Taxation Agreement of 5 February 2003, was signed in Kuwait by His Excellency Dato Ashaary Sani, the Ambassador Extraordinary and Plenipotentiary of Malaysia and His Excellency Khalefah Hamadah, the Undersecretary of the Finance Ministry of Kuwait.

To date, Malaysia has signed Agreements/EOI Protocols with Belgium, Brunei, France, Ireland, Netherlands, San Marino, Seychelles and United Kingdom. With the signing of the EOI protocol with Kuwait, the total number of Agreements/Protocols signed by Malaysia stood at 9. All these signed agreements contained an exchange information provision in line with Article 26 of the OECD Model Tax Convention.