THE strength of a country s banking system helps define its economic development. Given the crucial role of banks, it is necessary to enact laws that will regulate and safeguard the industry.
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A LAWMAKER is pushing amendments to the Bank Secrecy Law to lift certain provisions to prevent criminal activities by giving the regulator authority to look into bank accounts.
In a House Committee on Banks and Financial Intermediaries hearing on Thursday, the committee chair Junie E. Cua said he wants to be “extra careful” in amending the 65-year-old law while emphasizing the need to revise provisions in the law as it “is used as a shield” for money laundering and other anomalous activities.
The Bank Secrecy Law currently prohibits the disclosure or inquiry into deposits as these are confidential in nature.
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Metro Manila (CNN Philippines, February 11) - A bill amending the Philippines 65-year-old Bank Secrecy Law is gaining steam at the House of Representatives, and sailing smoothly off to plenary.
Influential bankers from the Bankers Association of the Philippines (BAP) and the Chamber of Thrift Banks rallied behind a proposal to give the Bangko Sentral ng Pilipinas more power to examine bank deposits.
The BAP has written House Committee on Banks chairman Junie Cua, proposing that the central bank be allowed to share information from the investigation of deposit accounts with other law enforcement or regulatory agencies to expedite prosecution.