Bill seeking to amend Bank Secrecy Law filed in House

Leyte First District Representative Martin Romualdez and Tingog Party-list Representatives Andrew Julian Romualdez and Jude Acidre have filed a bill seeking to amend the Bank Secrecy Law.

Under the proposed bill, the Bangko Sentral ng Pilipinas will be allowed to examine bank deposits under strict conditions where there is reasonable suspicion of unlawful activity.

“In its current form, the law is being used to shield illegal acts such as money laundering, tax evasion, and corruption. That needs to change,” Romualdez said.

Senator Francis “Chiz” Escudero has also filed a bill mandating government officials and employees to execute and submit a written permission to examine, inquire, or look into all their deposits and investments, thereby waiving the Bank Secrecy Law.  —KG, GMA Integrated News