The Senate inquiry into the US$81-million heist from the Bangladesh Central Bank -- which was allegedly coursed through the Philippine banking system and laundered in casinos -- has put in the spotlight, yet again, the country’s Bank Secrecy Law.

During the Senate investigation, the Bank Secrecy Law was invoked several times by the officers of the banks in question to justify their refusal to reveal some alleged suspicious accounts through which millions in stolen dollars were supposedly routed.

Exactly what is covered by the Bank Secrecy Law? In what instances could it be lifted? Why does the country have it in the first place? And why have the calls to ease it -- if not totally scrap it -- been persistent not only in the country, but at the global level?