Whenever one hears about financial institution secrecy law these days, there’s constantly a problem attached to it. Recently, it become referred to inside the Senate hearings at the proliferation of drugs and illegal activities in our u . S . A .. Before that, it crept up in impeachment lawsuits on graft and corruption, investigations on tax evasion cases and international discussions on monetary reforms.
So what is it about the Philippine version of the bank secrecy law that generates such controversy?
Under Republic Act 1405, or The Law on Secrecy of Bank Deposits, all deposits with banks or banking establishments within the usa are private, and may not be tested or looked into with the aid of any man or woman, authorities authentic, bureau, or office. The Act, but, does offer for the following exemptions:
The depositor offers written permission in cases of impeachment
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