Finance chief presses easing of bank secrecy law


Posted at Nov 17 2016 01:18 PM

MANILA - Finance Secretary Carlos Dominguez urged lawmakers to relax bank secrecy laws, which he said was setting back the government's anti-crime campaign.

President Rodrigo Duterte said earlier this week that the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council were "hard to deal with" and asked the two agencies to cooperate with government.

"The BSP has not been remiss in doing their job supportive of the Duterte administration’s anti-graft crusade, but the tedious legal process that has from the start been a stumbling block to the immediate prosecution of suspected money launderers underline the urgency for the Congress to pass new legislation relaxing the country’s bank secrecy law, which has among the world’s most restrictive regulations," Dominguez was quoted by the finance department in a statement on Thursday.

Governor Amando Tetangco of the BSP, Dominguez said, is a "respected member of the economic team, has been providing valuable help in the pursuit of criminals engaged in money laundering."

The AMCL submitted transaction records to the Department of Justice, soon after Duterte's outburst.