BSP says Bank Deposits Secrecy Bill included in Duterte's legislative priorities


Posted at Aug 18 2021 03:26 PM

MANILA - The Bangko Sentral ng Pilipinas on Wednesday said President Rodrigo Duterte has included the Bank Deposits Secrecy Bill in his legislative priorities. 

This was in response to the BSP's request that the bill be included in the priority list and be certified as urgent by the president, the central bank said in a statement.

“We are glad that the President has identified the Bank Deposits Secrecy Bill as a legislative priority. In view of this, the BSP will further step up its efforts to coordinate with Congress and other stakeholders for the immediate passage of the measure,” said BSP Governor Benjamin E. Diokno.

The BSP said it has been communicating with the House panel on banks and has also contacted some Senators for possible sponsorship.
The bill will give the BSP the necessary tools to prove the commission of fraud, serious irregularity or unlawful activity if a reasonable basis exists, it said.

“This enhances the BSP’s capacity to fulfill its mandate of promoting the safety and soundness of the banking system,” Diokno said.
The Securities and Exchange Commission earlier said Republic Act No. 1405, or the Secrecy of Bank Deposits Law, will help the country fight money laundering, terrorist financing, tax evasion and other fiscal crimes.


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