Halister News

(Bloomberg) -- Antonio Moncupa, president of East West Bank and touted to be one of potential successors to central bank Governor Amando Tetangco, will likely push for changes in law that upholds secrecy of bank deposits.

• “What we need to focus on is working on the issues that prevent an effective execution of Anti-Money Laundering Law,” he says in interview with ABS-CBN News
• Country must move from bank secrecy to bank confidentiality, review process by which authorities can act on suspicious accounts; “predefined” authorities must have access to bank accounts without court order to allow fast investigation
• Philippines can learn from other countries that are able to balance protection for privacy of law-abiding citizens and discovery of criminal acts