RP's Bank Secrecy Law is Protecting Plunderers and Money-Launderers (Angay ba ni Tangtangon?)

[bleedingboi]

When faced with impeachment charges, Chief justice Corona produced a document that would grant the government access to all of his bank accounts, including foreign currency deposits covered by the country’s strict bank secrecy laws.

I hope Nognog would do the same.

[kiyoshishannen]

FOI bill ra cguro para sa mga cases sa government officials kung gusto man gani mahibaw ang public sa ila bank accounts...Para nako dili gyud angay tang.tangon ang bank secrecy law. unsaon nalang mga private individuals like OFW's nga sige og padala og foreign currency sa ila pamilya sa pilipinas. Ang mga sipyat sa corrupt nga govt. officials dili angay madamay ang mga tarong nga mga tao nga nag trabaho og tarong.

[emow]

Its good that there are sensible people in this matter. Why should innocent people be burdened with the corruption done by politicians? Bottom line, stricter laws for politicians, not the public. Bank secrecy laws should stay. Everyone have unexplained wealth.

[hobie]

Naay pang counter man ni nga law,
wala ko kabalo sa specifics ha
but the Banks, under the law is required to report or alert someone any bank deposits of individuals na mag transact more than 500k in just one day.
Pero wala mani gi himo sa mga banko kay nag apas mana sila ug quota kada bulan.

[brownie]

Naay pang counter man ni nga law,
wala ko kabalo sa specifics ha
but the Banks, under the law is required to report or alert someone any bank deposits of individuals na mag transact more than 500k in just one day.
Pero wala mani gi himo sa mga banko kay nag apas mana sila ug quota kada bulan.

mao ba bro? deposits ra man kaha walay labot transfers and cheque issuance? matay wa gyud ko kahibalo ani hehe

[james_chaw]

I think some of our laws are meant specifically for the Filipino people. Repealing the Bank Secrecy Law opens the flood gates for kidnappers to ransom all the people with high maintaining balances. They can show proof because it's no longer illegal to ask for balances. Everybody will be held for ransom. And knowing nga daghan kaau mga tapolan na muslim who feel entitled to everything, all our investments will disappear. Ma pobre ug samot ang pinas.

[bleedingboi]

I think some of our laws are meant specifically for the Filipino people. Repealing the Bank Secrecy Law opens the flood gates for kidnappers to ransom all the people with high maintaining balances. They can show proof because it's no longer illegal to ask for balances. Everybody will be held for ransom. And knowing nga daghan kaau mga tapolan na muslim who feel entitled to everything, all our investments will disappear. Ma pobre ug samot ang pinas.

Murag exaggerate ra kau nga naay kidnapping mahitabo. I think dili pud dapat mabalaka ang ordinary citizens. Loosening the Bank Secrecy Law doesn't mean everybody should have data access impromptu. What Chief Henares and Ambassador Kenney have explained, our Bank Secrecy system is too tight, we need to loosen it a bit. Only the Office of the Omudsman, DOJ and the Bureau of Internal Revenue ra ang dapat naay access, considering they have documents requested from the court or senate nga investigahan ang bank account. At least ma-paspas ang investigation.
The more speedy ang kaso, the more corrupt politicians ma priso every year. The United States has already imposed a lax Secrecy Act since 2001, I think we should do the same, along with the FOI bill.

[Vundaboi]

Lifting the Bank Secrecy Law opens the floodgates for the BIR to conduct witch hunts on ordinary citizens "suspected" of evading taxes. Naa na may process sa pag tangtang sa bank secrecy--pangayo ug court order sa local judge. Nganung mag shortcut2x pa man?

If the authorities want transparency, push for the FOI bill. Money laundering? Naa na may AMLA.

[james_chaw]

Murag exaggerate ra kau nga naay kidnapping mahitabo. I think dili pud dapat mabalaka ang ordinary citizens. Loosening the Bank Secrecy Law doesn't mean everybody should have data access impromptu. What Chief Henares and Ambassador Kenney have explained, our Bank Secrecy system is too tight, we need to loosen it a bit. Only the Office of the Omudsman, DOJ and the Bureau of Internal Revenue ra ang dapat naay access, considering they have documents requested from the court or senate nga investigahan ang bank account. At least ma-paspas ang investigation.
The more speedy ang kaso, the more corrupt politicians ma priso every year. The United States has already imposed a lax Secrecy Act since 2001, I think we should do the same, along with the FOI bill.

It has good points and it has bad points as well when it comes to loosening the bank secrecy law. Kung targetun kag politico, then can always resort to their "contacts" in the BIR, DOJ, and Ombudsman. Knowing our inherent "crab mentality", that is a very real possibility and not exaggerated at all.

- - - Updated - - -

Lifting the Bank Secrecy Law opens the floodgates for the BIR to conduct witch hunts on ordinary citizens "suspected" of evading taxes. Naa na may process sa pag tangtang sa bank secrecy--pangayo ug court order sa local judge. Nganung mag shortcut2x pa man?

If the authorities want transparency, push for the FOI bill. Money laundering? Naa na may AMLA.

We have to be absolutely certain that no "loosening" the bank secrecy law will not result to rampant covert, black mail activities done by government officials who have enemies against other officials or plain ordinary citizens.

- - - Updated - - -

Naay pang counter man ni nga law,
wala ko kabalo sa specifics ha
but the Banks, under the law is required to report or alert someone any bank deposits of individuals na mag transact more than 500k in just one day.
Pero wala mani gi himo sa mga banko kay nag apas mana sila ug quota kada bulan.

Part na sa measures under the AMLA. 500,000PHP or 10,000USD

[kiyoshishannen]

"Loosening" the bank secrecy law is just way too much power to be given by a corrupt government. So far from my personal experience, our banking system is working efficiently and for the benefit of the people especially the working class and OFW's who are keeping the Philippines economy afloat. We cannot throw this advantage away just because of some stupid corrupt officials. So many pre-cautions are already in placed to curb corruption like AMLA,SALN's..etc...Hard earned foreign currency which is earned from honest citizens should be protected and kept secret.