The bringing of huge sums of money in and out of the country in past months with seeming impunity indicates the urgent need for action from our government, not just by the Executive but also by the Legislative. Our authorities should keep up with, if not keep one step ahead of, criminals who are trying to do the same.
While there is need to address the corruption that is one big reason for authorities’ tolerating money laundering, there is also a need to take a long, hard look at gaps in our existing laws, including the Bank Secrecy Law and the Anti-Money Laundering Act.
On the other hand, the amendments to these laws should also make sure that they cannot be weaponized for political purposes. Speaking from experience, I have been at the receiving end of such abuse of the law by the likes of Ador Mawanay, Mary “Rosebud” Ong, Victor Corpus and the Arroyos, who prompted me to waive my rights under the Bank Secrecy Law and challenged them to withdraw all the dollars they claimed I owned. And acting from those experiences, I proposed amendments to the AMLA and filed a bill excluding all public servants from the Bank Secrecy Act.
From the Inquirer: Two influential government officials — a senator with a strong anticrime advocacy and the country’s top financial regulator — want incoming lawmakers to make it easier for authorities to examine bank deposits for evidence of potential wrongdoing.
Related: Lacson Bill Removes Bank Secrecy Act Protection for Gov’t Officials, Employees
Continue reading “📰 Revisions to deposit secrecy law may yet see the light [Inquirer]”
From The Philippine Star: As long as there are sectors pushing for a genuine anti-corruption campaign, proponents of the reform must not lose hope.
Continue reading “📰 Editorial: Bank secrecy exemption [Philippine Star]”
Papayagan na ang awtoridad na silipin ang mga bank accounts ng mga matataas na opisyal ng pamahalaan, kabilang na ang Pangulo, sa oras na maisabatas ang panukalang inihain ni Senador Panfilo Lacson.
Layunin ng Senate Bill 26 na amyendahan ang ilang nilalaman ng Republic Act 1405 o ang Bank Secrecy Law bunga na rin ng pagiging “madamot” nito sa publiko kaugnay sa mga detalye ng bank accounts ng mga mga opisyal at kawani ng pamahalaan.
Ang bahaging nagbabawal sa mga bangko na isiwalat ang mga bank accounts ng mga opisyal, halal man o itinalaga, at mga kawani ng pamahalaan ang nais ni Lacson na mabago batay sa nilalaman ng kanyang panukala.
Related: PingBills | Nowhere to Hide: Lacson Bill Removes Bank Secrecy Act Protection for Gov’t Officials, Employees
Continue reading “PingBills | Ping: Presidente, Gov’t Officials Ekis na sa Bank Secrecy Law”
Government officials and employees who enrich themselves while in office will now have a harder time hiding their ill-gotten wealth, with a bill filed by Sen. Panfilo M. Lacson excluding all public servants from the Bank Secrecy Law.
Lacson’s Senate Bill 26 strips public servants of the “protection” from Republic Act 1405, which prohibits disclosure or inquiry into bank deposits as a general rule.
He noted the Bank Secrecy Act’s provision prohibiting the disclosure of or inquiry to bank deposits has frequently been exploited to “hamper and stall investigations” of government officials and employees suspected of enriching themselves while in public office.
Related: PingBills | Ping: Presidente, Gov’t Officials Ekis na sa Bank Secrecy Law
Continue reading “PingBills | Nowhere to Hide: Lacson Bill Removes Bank Secrecy Act Protection for Gov’t Officials, Employees”
In an interview on DZRH, Sen. Lacson answered questions on:
– need to tighten Bank Secrecy Act and related legislation after Ligot acquittal
– passage of the 2019 national budget
– potential PH takeover of Hanjin shipyard in Subic
Quotes from the interview… Continue reading “Interview on DZRH | Jan. 17, 2019”
In an interview, Sen. Lacson answers questions on:
– calls to look into President Duterte’s bank accounts
– China’s reported buildup in the South China Sea
Quotes from the interview… Continue reading “#PingSays: On calls to look into President Duterte’s bank accounts, and China’s reported buildup in the South China Sea | Feb. 5, 2018”
Drug pushers, manufacturers, cultivators, importers and financiers can no longer hide their ill-gotten money in banks, as a bill filed by Sen. Panfilo M. Lacson seeks to strip them of their rights under the Bank Secrecy Act.
Lacson said his Senate Bill 1025, which strengthens the Comprehensive Dangerous Drugs Act of 2002, is a proactive move to support the government’s unrelenting war against illegal drugs.
“Experiences of the past tell us that our country’s high regard to the secrecy of bank deposits results to law enforcers’ limited authority in terms of confiscation and forfeiture of money or proceeds of the sale or trade of illegal drugs,” he said in his bill, titled “An Act Authorizing the Examination of Bank Deposits, Accounts and Records of Pushers, Manufacturers, Cultivators, Importers and Financiers of Dangerous Drugs, Amending for the Purpose Republic Act No. 9165 and for Other Purposes.”
Related: Lacson bill: Kuwarta ng drug personalities bawal na sa mga bangko Continue reading “Lacson Bill Strips Drug Pushers, Financiers of Bank Secrecy”
Hindi na puwedeng itago ng mga personalidad na sangkot sa pagpapakalat ng ilegal na droga sa bangko ang mga perang kanilang nakulimbat sa pagbebenta ng mga ito, oras na maipatupad ang pag-amyenda sa Dangerous Drugs Act na isinusulong ni Senador Panfilo Lacson.
Sa Senate Bill 1025 na pinamagatang “An Act Authorizing the Examination of Bank Deposits, Accounts and Records of Pushers, Manufacturers, Cultivators, Importers and Financiers of Dangerous Drugs, Amending for the Purpose Republic Act No. 9165 and for Other Purposes,” na iniakda ng senador, dapat nang baklasin sa mga napoprotektahan ng nabanggit na batas ang mga bank accounts ng mga gumagawa, nag-aangkat, nagpapakalat at nagpopondo sa mga ilegal na droga.
Sa kasalukuyang sistema kasi, hirap na hirap umano ang mga awtoridad na tuntunin ang mga nakatagong pera ng mga sangkot sa ilegal na droga dahil napapabilang pa ang mga ito sa pinoprotektahan ng mga batas na umiiral.
Related: Lacson bill strips drug pushers, financiers of bank secrecy Continue reading “Lacson Bill: Kuwarta ng Drug Personalities Bawal na sa mga Bangko”
Speech before Filipino-Indian Chamber of Commerce
I am very honored tonight to address your chamber. But the real honor belongs to the new leaders of the chamber. Tonight is their night. Tonight begins the first night of the rest of their lives. To them I convey my best wishes!
The invitation of President Ram Sitaldas was very forthright. In fact, he asked me to cover the subject he bluntly described as Past Imperfect, Future Tense. He made no reference to the present. Thus, I assume that the present is both imperfect and tense…
President Sitaldas is right. The imperfect past is a reality made permanent by history. Our most reasonable response can only be this: there is no saint without a past. Time to leave our past to God’s mercy. Continue reading “Past, Imperfect/Future, Tense: The Road Ahead For The Philippines”