PASAY CITY, Philippines — The Central Bank of the Philippines, and the Anti-Money Laundering Council support the move to amend the Bank Secrecy Law in the country.
In the proposed amendments, all government officials and employees will be exempted from having privacy on their bank records in spirit of transparency and accountability in the government.
Meanwhile, specific conditions will be placed in the law in case of private individuals.
Central Bank Governor Amado M. Tetangco Jr. manifested in the hearing at the senate the need to amend the law for them to have easier access to fraudulent bank transactions.
“Our concern is that since many countries have already lifted their bank secrecy regulations, the Philippines might attract laundered money because of the existence of strict bank laws here,” Tetangco said.
Tetangco says it is difficult for them to trace where proceeds of illegal activities go to due to our strict bank laws.
Sen. Francis ‘Chiz’ Escudero, who heads the Committee on Banks, Financial Institutions and Currencies, says they are leaning towards either relaxing or repealing the Bank Secrecy Law.
However, he maintains, it should not be abused.
“We will place penalties, whoever abuses or does not follow the law. Remember, we will remove the secrecy for the government agencies to look into transactions. But it is not for public disclosure. That is automatic,” Sen. Escudero explained.
Aside from bank secrecy amendments, the committee is also contemplating on passing a separate bill requiring all government officials and employees to submit a waiver on their bank records alongside their Statement of Assets, Liabilities and Networth or SALN.
Meanwhile, Sen. Escudero also expressed openness in amending the law to include drug cases as predicate crimes. This is to capacitate the law enforcement agencies in their investigation against drug suspects.
“It should be under the AMLC if any amendment will be made. It should not be in the Bank Secrecy Law. If they want to look into something, drug cases be categorized predicate crimes. So, AMLC can look into that,” said Escudero.
The technical working group of the committee will start deliberating the detailed proposed changes and amendments to the Bank Secrecy Law. — Joyce Balancio | UNTV News & Rescue
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