The Securities and Exchange Commission (SEC) has called for the easing of the country’s stringent bank secrecy law to fortify efforts against money laundering, terrorist financing, tax evasion and other financial crimes.
In a statement on Thursday, the SEC expressed its support to the proposed amendments to Republic Act No. 1405, or the Secrecy of Bank Deposits Law, as espoused by House Bill No. 8991.
Among others, the bill seeks to empower the Bangko Sentral ng Pilipinas (BSP) to look into and examine deposits when there is reasonable ground to believe that fraud, serious irregularity or unlawful activity has been committed by stockholders, owners, directors, trustees, officers or…
Keep on reading: SEC backs moves to ease bank secrecy law