Uncovering ill-gotten wealth of government officials may soon get easier, with a proposed measure by Sen. Panfilo M. Lacson seeking to exclude them from the Bank Secrecy Law.
Lacsonβs Senate Bill 47 effectively removes from all public servants the βprotectionβ afforded by Republic Act 1405, which prohibits disclosure or inquiry into bank deposits.
βThe avowed purpose of the law (Bank Secrecy Act) is meritorious in preserving the confidentiality of bank transactions. Unfortunately, this provision of the law prohibiting the disclosure of or inquiry to bank deposits had been exploited time and again to hamper and stall investigations of government officials and employees suspected of enriching themselves while in public office,β Lacson said.
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