Tamba pushes to amend bank secrecy law


Romualdez, in a statement on Wednesday, said he has filed House Bill No. 7, which proposes amendments to three provisions in Republic Act No. 1405. If enacted, the new Section 2 of R.A. No. 1405 will now include the BSP’s exercise of its supervisory powers as an exception to the confidentiality of bank deposits. Romualdez’ proposed Section 2 will read as “All deposits are hereby considered as of an absolute confidential nature and may not be examined, inquired, or looked into by any person, government official, bureau or office, except […] in cases where the inquiry or examination is made by the Bangko Sentral ng Pilipinas (BSP), in the exercise of its supervisory powers, on the deposit of the stockholder, owner, director, trustee, officer or employee of an entity that is subject to the supervision or regulatory power of the BSP.”

Source: https://newsinfo.inquirer.net/2080264/fwd-romualdez-proposes-changes-to-bank-secrecy-law-for-transparency

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