BANK SECRECY LAW RA 1405 PDF

Republic Act No. These are under any of the following instances:. On the other hand, the lone exception to the non-disclosure of foreign currency deposits, under Republic Act No. These two laws both support the confidentiality of bank deposits. There is no conflict between them.

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The Bank Secrecy Act treats all bank deposits as absolutely confidential and these may not be inquired into except: 1 upon permission of the depositor, 2 in cases of impeachment, 3 upon order of a competent court in cases involving bribery or dereliction of duty, or 4 in case the money deposited or invested is the subject matter of litigation. The original TRAIN 1 bill proposed by the Department of Finance DoF included an amendment to Section 6 of the Tax Code to expand the exceptions to empower the commissioner of the Bureau of Internal Revenue to inquire into and receive information on bank deposit accounts and other related data held by financial institutions on:.

A specific taxpayer or taxpayers, upon an obligation to exchange tax information with a foreign tax authority, whether on request or automatic, pursuant to an international convention or agreement on tax matters to which the Philippines is a signatory or a party; and.

Any taxpayer upon order of any competent court in cases involving tax evasion offenses covered under Section of the Tax Code. The non-passage of the proposed amendments to Section 6 of the Tax Code had consequences, of course. To date, we are not aware of any bill filed with the 18th Congress to reinstate the proposed amendments to Section 6 of the Tax Code, although we understand that the Department of Finance DoF still intends to push the measure again.

Manuel DG. On the basis that a public office is a public trust, HB proposes to include as an exemption to the confidentiality of bank accounts the deposits of an elective or appointive official or employee of the government, including officers and members of the Armed Forces of the Philippines AFP , Philippine National Police PNP , and all uniformed officers and employees of the government-owned and controlled corporations and their subsidiaries.

This proposed exemption is quite broad, as it does not even require any case to be filed before the concerned government officials, or any court order for the exemption to apply. The exemption applies because of the character of the depositor. Francis N. SB No. We note, however, that both HB and SB still did not include the proposed amendments to Section 6 of the Tax Code mentioned above.

The call to relax our bank secrecy laws is not new. We all know it is about time that the provisions of our Bank Secrecy Act be relaxed, not just to empower the BIR commissioner to examine bank accounts in tax evasion cases, but also for the Philippines to send the message to the world that it is serious about fighting graft and corruption and in supporting transparency. However, it will take very strong political will to convince our legislators to pass any measure to relax the provisions of such Act.

Euney Marie J. This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. If you have any question or comment regarding this article, you may email the author at info mtfcounsel. Sign in. Log into your account. Forgot your password? Password recovery. Recover your password. Get help. Friday, June 5, What happened to the proposed amendments to Bank Secrecy Act? By Euney Marie Mata-Perez.

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Duterte backs changes to AMLA, Bank Secrecy Law

The current banter between President Duterte and Senator Trillianes about bank secrecy waivers has piqued the interest of the public on the matter of bank secrecy. So, what is bank secrecy? Is it absolute? Are there any exceptions? On 09 September , Republic Act No. This law was enacted to encourage individuals to deposit their money in banks instead of hoarding them.

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Philippine Bank Secrecy Law Simplified

Banks are in the business of attracting deposits to lend these out at reasonable spreads to corporate clients looking to finance their business and to individuals wanting to achieve their aspirations of a nice car or a new home. Banks are able to generate these deposits through their good service and locations, among others, but most of all, because of trust that these deposits are safe in the banks. Republic Act RA or the Bank Secrecy Law was passed in to encourage people to deposit their money in banking institutions and to discourage private hoarding so that banks can give out in loans to assist in the economic development of the country. The Foreign Currency Deposit Act RA and the General Banking Act RA also prohibit bank directors, officers, employees and agents to disclose any information on funds in the custody of bank to any unauthorized person. These are meant to protect legitimate deposits of bank clients. All deposits with banks including investments in bonds issued by the government are considered absolutely confidential and may not be looked into, except:. In addition, there are many exceptions and other laws that effectively waives bank secrecy:.

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In the know: The bank secrecy law

Republic Act No. The only exceptions are either written consent of the depositor, in cases of impeachment, upon order of a competent court in cases of bribery or dereliction of duty or public officials, or in cases where the money deposited or invested is the subject matter of litigation. The law was approved on Sept. Amado Tetangco Jr. So the incident has already happened.

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What happened to the proposed amendments to Bank Secrecy Act?

He added that Duterte would urge lawmakers to certify the measures as urgent, as soon as they come up with a committee report on the proposals. Committee report number. Duterte has been repeatedly urged to order the closure of POGOs following the influx of dirty money into the country through the online gaming industry. Under RA , the State is mandated to protect and preserve the integrity and confidentiality of bank accounts and to ensure that the Philippines will not be used as a money laundering site for the proceeds of any unlawful activity. RA , meantime, forbids the disclosure of or inquiry into deposits with any banking institution, unless the depositor gives permission or a competent court orders the examination of bank accounts. Duterte on Monday believed that there is no corruption in POGOs, despite several issues hurled against the online gaming industry.

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