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

[bleedingboi]

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http://newsinfo.inquirer.net/147567/...t-in-the-world

Looking at the senate hearing yesterday, lisud kau dakpon mga kawatan kung naa pa ni nga balaod. This is the same reason why Binay-Tiu/ Arroyo-Angelo Reyes / Bong-Jinggoy and other corrupt officials are very confident when facing the media, lying to the public that they are innocent. Even the United States has criticzed this Philippine law to be the most strictest in the world, it hinders transparency and clean govenance.


Trillanes accuses Antonio Tiu of withdrawing millions of cash from QC bank | Inquirer News

MANILA, Philippines — The Chinese-Filipino businessman tagged as Vice President Jejomar Binay’s dummy had allegedly withdrawn millions of pesos from a bank in Quezon City last July, Senator Antonio Trillanes IV told a Senate hearing on Wednesday.
Trillanes made the disclosure after the businessman, Antonio Tiu, confirmed during the hearing of the Senate blue ribbon subcommittee that he has an account with Banco de Oro branch in Banawe, Quezon City.
The senator then asked Tiu if he made any withdrawals from the bank sometime in July.
“I’m not waiving any bank secrecy law,” the businessman said.
“You’re not, you’re not. Kasi you’ve been very upfront so would you happen to at least give us an idea how much money you withdrew at that time?”Trillanes asked.
And when the businessman refused to answer his query, the senator volunteered the information that Tiu supposedly withdrew hundreds of millions of pesos from the said bank.
“Well, just to inform the subcommittee Mr. Chairman, merong kaming mga testigo na magsasabi that Mr. Tony Tiu withdrew hundreds of millions of pesos in cash in that bank. Would you confirm that Mr. Tony Tiu?” Trillanes said.
“Your honor, do you have any documents to prove (your claim)?”Tiu asked the senator.
“No, no I’m just asking you. You are not allowed to ask,” said the senator.
At this point, Tiu invoked his right against disclosing any of his bank transactions.
“’Yun ang maliwanag,” Trillanes said

[M.A.D.]

This is a double edged sword. For one, you can find the some questionable accounts and the other is you risk the security of wealthy individuals who may be targets of gangs/syndicates.

Either way, if this is implemented, expect capital flight from the Philippines to other countries that support bank secrecy.

[Graffitivoir]

I do not know why is it so difficult for the government to curve corruption, why is it that they could not trace the disbursement effectively, maybe it's time to put in place strictier measures to address this debacle instead of implicating the financial privacy of the general public.

[bleedingboi]

This is a double edged sword. For one, you can find the some questionable accounts and the other is you risk the security of wealthy individuals who may be targets of gangs/syndicates.

Either way, if this is implemented, expect capital flight from the Philippines to other countries that support bank secrecy.

Having a Bank Secrecy law is fine, but our system is way, way too strict. As in sobra ra jud (Acording to a former US ambassador, we are one of the most strict in the World). We can keep the Bank Secrecy law, but probably we could just copy the US Patriot ACT system and Finance Tracking Program.

[M.A.D.]

Same thing with Switzerland, the country known for it's very tough banking secrecy laws. In fact because of legislation from the US, Switzerland is no longer accepting any depositors who are US taxpayers.

It's really hard to tell the outcome, banks fear losing depositors while the regulators fear they won't be able to catch the crooked.

Having a Bank Secrecy law is fine, but our system is way, way too strict. As in sobra ra jud (Acording to a former US ambassador, we are one of the most strict in the World). We can keep the Bank Secrecy law, but probably we could just copy the US Patriot ACT system and Finance Tracking Program.

[bleedingboi]

When asked if he had withdrawn any money on that BDO acct, Mr. Tiu answered, "Your honor, do you have any documents to prove (your claim)?”

Wow. If he's really that clean and guilt-free, he can just simply say yes or no, not complicate things.

[td209]

Same thing with Switzerland, the country known for it's very tough banking secrecy laws. In fact because of legislation from the US, Switzerland is no longer accepting any depositors who are US taxpayers.

It's really hard to tell the outcome, banks fear losing depositors while the regulators fear they won't be able to catch the crooked.

Philippine Banks and Financial Institutions who want to do business with the US must comply with FATCA so in a way ang Philippine Bank Secrecy Law no longer applies for US Persons.

To TS: Banks secrecy laws hardly matter, case in point the Corona Impeachment where his accounts were divulged illegally and the source are reportedly from AMLC. Remember the small lady who left the "evidence" at the gate.

Excuses ra na ilang ingon tungod sa bank secrecy law. AMLA ray tubag ana. Bank secrecy is important at least it provides us common people a layer of protection sa mga dili kaayo connected criminals. Government prosecutors on the other hand can use AMLA to prosecute or persecute their person of interest.

If we want transparency for our public "servants" ask for FOI Bill. A bill promised by the Anti-Arroyos before 2010 but forgotten about it after gaining power in 2010.

[bleedingboi]

If we want transparency for our public "servants" ask for FOI Bill. A bill promised by the Anti-Arroyos before 2010 but forgotten about it after gaining power in 2010.

The bill has been approved by the senate on the 3rd reading. But some members of the house of representatives are dragging their heels on this issue, probably to protect their "interests"

[M.A.D.]

Oh yeah I forgot about AMLA, plus government lifestyle checks, etc... there are laws in the country but they are just merely suggestions

[Ghadz]

seguro court order lang para ma access ang mga account sa hingtungdan, para sad ma protectahan ang uban depositors.