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(Eagle News) — Philippine laws covering money laundering should be updated, Senator Panfilo Lacson said on Thursday, March 5. Lacson issued the statement in light of what Senator Richard Gordon said was the bringing in of $447 million or P22.69 billion in cash by only 46 individuals in five months. “The bringing of huge sums of money in and out of the country in past months with seeming impunity indicates the urgent need for action […]
(Eagle News) — Chief Presidential Legal Counsel Salvador Panelo dismissed a group’s calls for President Rodrigo Duterte to sign a bank secrecy waiver, noting that he already executed one as early as last year which was still binding. “Matagal nang sinasabi ni [Senator Antonio] Trillanes ‘yan eh (ill-gotten wealth). Nag-execute ng waiver si Presidente noong Mayo pa of last year at napatunayan doon sabi ng BPI (Bank of the Philippine Islands), ng bangko na wala […]
(Eagle News) — A congressman is seeking to exempt government officials and employees from the ban on the disclosure of deposits in banking institutions under the Bank Secrecy Law. Magdalo Rep. Gary Alejano’s House Bill No. 3155 says the ban on the disclosure should not apply to “elective or appointed officials” or employees of the Republic of the Philippines. He said this includes ” the officers and members of the Armed Forces of the Philippines, […]
Committee to ask Bautista to waive his right enshrined in Bank Secrecy Law (Eagle News) — The Senate committee on banks, financial institutions and currencies is set to summon Commission on Elections Chair Andres Bautista in its next hearing on the possible violations committed by Luzon Development Bank of the Anti-Money and Laundering law. Senator Francis Escudero, Senate committee chair, said this was so Bautista could shed light on the process he underwent to open […]
QUEZON CITY, Philippines (Eagle News) — The Bangko Sentral ng Pilipinas (BSP) expressed misgivings regarding the amendment of the bank secrecy law, stating that such amendments may make it easier for “dirty” and laundered money to enter the country. Earlier, Senator Panfilo Lacson and Senator Aquilino Pimentel, separately proposed amendments on the Bank Secrecy Law exempting elected and appointed government officials and employees. BSP, on the other hand, wants stronger enforcement powers as well as […]
