Declare bets’ bank accounts
Now, here’s a good suggestion. Presidential aspirant Gilberto “Gibo” Teodoro Jr. wanted bets bank accounts bared.
The Lakas-Kampi-CMD standard-bearer said that the bank secrecy law should be lifted or at least be reviewed to help unmask the financial activities of politicians who are suspected to have links to the illegal drug trade.
Gibo was reacting to the report of the US State Department that some candidates in the coming national elections are receiving funding from drug syndicates. “That situation is very dangerous as drug syndicates can easily help a candidate win through their money,” he said.
The bank secrecy laws were meant to protect the privacy of good individuals, Gibo said. Unfortunately, the same law also provided a blanket for drug lords and corrupt government officials.
The bank secrecy law, Republic Act 1405, was passed in 1955 and sought to encourage people to deposit their money in a bank and discourage hoarding, which was a common practice during the Japanese occupation.
The law states that all deposits with banks and banking institutions are considered to be “absolutely confidential” and “may not be inquired or looked into by any person, subject to some exceptions.”
Through the years, exceptions and amendments were added to the bank secrecy law.
March 6, 2010
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Roy В· 
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Tags: bank secrecy law, banking law, finance, Philippines, RA 1405, Republic Act 1405 В· Posted in: Announcement, banking, economy, finance, Government, Law, money, Philippine banks, Philippine business news, Philippines
One Response
If Gibo did win, the Philippines might not be in such a sorry state it is now. I would have voted for him and not be sorry.
Well, the only thing changing in the Philippines is the price of everything. Corruption won’t ever seem to disappear. Maybe this is why Gibo didn’t win.
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