The Asian Affairs

Aug 19, 2021

1 min read

A Call from Duterte to Alleviate Bank Secrecey Rules

Surprisingly, President Rodrigo Duterte has incorporated a bill trying to facilitate the country’s severe bank mystery rules in his rundown of authoritative needs in his last year in office, the national bank said on Wednesday.

The move comes a long time after a worldwide messy cash watchdog where the Financial Action Task Force (FATF) — added the Southeast Asian country to its dark rundown of nations under expanded observing, alongside Haiti and South Sudan.

In view of this, The Bangko Sentral ng Pilipinas (BSP) has pledged to attempt to guarantee consistence proposals and leave the rundown no later than 2023. The Bank Deposits Secrecy Bill will give the BSP expanded insightful forces, making it simpler for the controller to analyze dubious financial balances, and force hefty punishments.