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

[hobie]

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

Apil sab na gwapa. Pero ikaw man, sige nalang pasaylo.un kay gwapa man

[kidynamite]

di jud ni mahitabo tangtangon kay mismo ato mga law makers ang mga corrupt..

[bleedingboi]

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.

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.

Bro, the process is still the same. BIR, DOJ, Obusdman or any other third party cannot access any bank details without documents or requests from the higher court. The only difference here is a revision of the FCDA Act 6426 or add another criteria for exemption. As of now, the only 2 allowable reasons to investigate a bank account are; 1. Plunder 2. If the Account owner is willing to disclose.

So if there are no Plunder charges made yet, and the person is not willing to disclose? We are left on a limbo?

"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.

I appreciate your stand, but this is not about lifting the entire Bank Secrecy policy, only revising it especially the "Marcos-engineered" FCDA Act 6426. The banking system has indeed worked for years and proficiently, but it has been working great ever since the first Spanish/ American banking system was implemented in this country.

The only thing that's not working here is our Justice system. AMLA was implemented on 2001, but its still not enough to indict the accused (Chinese Drug money, tax evasions, and plunder). One good example is the Corona case. Group of 20 leading economies (G20) categorically stated in their 2009 London summit that, the Philippines should lax the law. There are numerous Chinese Drug Cartel, Triads, who hide their Money in PH banks, and AMLA doesn't have a grip on this currently.

[kiyoshishannen]

@bleedingboi .. My stand is our banking system right now should not be changed. "revising" it can be done in the future. When and if Philippines becomes economically better. We all know that these Chinese drug cartels and triads are hiding their money here. But in the real world, both our economy and banking system are tied together because most of PH's GDP are coming from OFW's hard earned foreign currencies. For now, we need these "hot money" in order for our economy to stay afloat. G20 countries can just say anything they want because their economies are better than us. Put it this way...kung walay "hot money" , it would be very difficult to open foreign accounts for local filipino citizens because the deposit would be much higher. Foreigners would go second guessing in opening bank accounts in Ph because of Ph government interference. At the end of the day, it would be ordinary citizens who will be at the losing end, not these stupid corrupt officials since they already have millions of pesos in their pockets.

[bleedingboi]

@bleedingboi .. My stand is our banking system right now should not be changed. "revising" it can be done in the future. When and if Philippines becomes economically better. We all know that these Chinese drug cartels and triads are hiding their money here. But in the real world, both our economy and banking system are tied together because most of PH's GDP are coming from OFW's hard earned foreign currencies. For now, we need these "hot money" in order for our economy to stay afloat. G20 countries can just say anything they want because their economies are better than us. Put it this way...kung walay "hot money" , it would be very difficult to open foreign accounts for local filipino citizens because the deposit would be much higher. Foreigners would go second guessing in opening bank accounts in Ph because of Ph government interference. At the end of the day, it would be ordinary citizens who will be at the losing end, not these stupid corrupt officials since they already have millions of pesos in their pockets.

Nobody said we are taking these "hot money" from PH banks and migrate it somewhere. Like what I said for the 4th time, everything is the same, the banking process is the same, confidentiality level will be the same, everyone is still protected, all citizens can still enjoy privacy. But only the investigation process is changed and the addition of another criteria for exemption. That's all, nothing else.
The G20 countries can say anything, and I believe they know better, not because they are nitched higher economically, but because of their politicial discipline when managing money and combating corruption.

[james_chaw]

Bro, the process is still the same. BIR, DOJ, Obusdman or any other third party cannot access any bank details without documents or requests from the higher court. The only difference here is a revision of the FCDA Act 6426 or add another criteria for exemption. As of now, the only 2 allowable reasons to investigate a bank account are; 1. Plunder 2. If the Account owner is willing to disclose.

So if there are no Plunder charges made yet, and the person is not willing to disclose? We are left on a limbo?

Adding another exemption without consent is still a no-no for me. They can easily add an exemption and say inform us via snail mail. By the time you know what's what, you'll be in handcuffs in front of the tri-media, ruining your namesake for all eternity. If there's one thing you should realize is that it's VERY difficult to bounce back here in the Philippines. It's not like in America wherein the people are more discerning. It's making it too EASY for the government to create a ruse to justifying opening the bank accounts of anyone they want to target.

That crucial third and further exemption is the key to opening pandora's box on all of us. You may have faith in the government by saying that the Filipino citizenry will still be protected, but trust me, The Government is just ITCHING to pounce on their enemies when they see how much money they have.

I know, theoretically speaking, Your argument is sound. However, theory and practice do not always match. in fact, it is practice that makes one improve on theory. That's why scientists TEST their theories in order to ascertain the correctness or(for lack of a better word), the "wrongness" of the theory.

[bleedingboi]

I know, theoretically speaking, Your argument is sound. However, theory and practice do not always match. in fact, it is practice that makes one improve on theory. That's why scientists TEST their theories in order to ascertain the correctness or(for lack of a better word), the "wrongness" of the theory.

This is no longer a theory. It has been working on other countries. This is a problem in the Filipino mindset, we pre-judge everything even before results are shown. It's like, " We haven't carried the bucket yet, but we are contemplating already that it will spill." We are not a banking nation like Switzerland, this is a Marcos-era anachronistic Justice Flaw. If this process has failed, if it has hindered privacy, or if it was a crafted tool by the Government to criminlize opponents, we would be seeing reports everyday in CNN/NBC or FOX about these malpractice. But we haven't. Then their process is working, ours is not.

‘PH bank secrecy laws strictest in the world’ | Inquirer News

[bleedingboi]

Adding another exemption without consent is still a no-no for me. They can easily add an exemption and say inform us via snail mail. .

Of course, a re-write of a Law is never passed without that "consent" It doesn't work that way. When making revisions on a certain Law, we are not asking for a mere "consent", it has to be approved through readings by the Senate and House of Representatives.

[Graffitivoir]

I would agree if this is applicable towards all politicians and their accomplices, anyone involved should be exposed.

[salbahis]

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.

Patriot Act? ever heard og RA 9372? yeah its pattern to patriot act...