Proposed measures on bank deposit secrecy will help prevent domestic and global tax evasion and other financial crimes, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.
Diokno said Malacañang has included these measures among the President’s legislative priorities for the 18-th Congress. “The bill enhances the BSP’s capacity to fulfill its mandate of promoting the safety and soundness of the banking system,” he said at a media briefing.
The House Bill (HB) No. 8991 is now on the second reading in plenary, while several related bills are now at the House Committee on Banks and Financial Intermediaries.
Many other measures related to bank secrecy have also been filed at the Senate Committee on Banks, Financial Institutions, and Currencies.
Diokno said 22 private organizations have also issued statements supporting the enactment of the Bank Deposits Secrecy bill citing due to its positive impact on economic recovery. He said the central bank can share results of its examination with the Securities and Exchange Commission (SEC), Philippine Deposit Insurance Corporation (PDIC), Anti-Money Laundering Council (AMLC), Department of Justice (DOJ) and the courts “to prevent or prosecute an offense or crime.”
“Compliance with international standards on transparency will bolster the public and the global community’s trust in the domestic banking system,” he added.
