Halister News

(Bloomberg) -- Nation’s strict deposit secrecy laws must be repealed or amended because it curbs anti-money laundering enforcement, Bangko Sentral ng Pilipinas Deputy Governor Vicente Aquino tells reporters in Cebu province.

• Repeal of law may be difficult; it may be amended to authorize central bank to inquire into bank deposits and investment in examining compliance to banking laws
• Law must be changed to add tax evasion, securities violation as predicate crime to money laundering where no court order is required to look into deposits
• Ombudsman or Department of Justice must also be authorized to inquire into bank deposits and investments in preliminary investigation
• Law must also require less evidence to inquire into bank deposits and investments, Aquino says; currently, Anti-Money Laundering Council must establish probable cause on predicate crime to laundering before securing court order
• Casinos, art dealers and real estate agents should be added to list of covered institutions which report to dirty money watchdog; they must also practice know-your-customer procedures
• Aquino says he’s hopeful administration of President-elect Rodrigo Duterte will push for speedy enactment of amendments