REPRESENTATIVE Robert Ace Barbers, lead chairman of the House Quad Committee, has called for amendments to the Bank Secrecy Law (Republic Act 1405), arguing that it has become a shield for criminal elements.
He asserts that drug syndicates, illegal gambling operations like POGO, and corrupt government officials are exploiting the law to protect their illicit activities.
“We will also review the Bank Secrecy Law so that it will no longer be used as a defense by private individuals or those in government, and by corporations, facing and being investigated by Congress for corruption,” Barbers said.
The Quad Committee admitted that they are having a hard time digging into the bank accounts of individuals they are investigating due to their links to illegal drugs and POGO.
Based on the said law, the owner of the suspected hidden or laundered money in bank accounts must first give consent before their transactions can be opened and scrutinized.
Therefore, it is necessary to amend the said law to catch syndicates, drug lords, and operators of illegal gambling in the country like POGO, who are allegedly bringing nothing but criminality to the Philippines.
It is also important to amend it to remove the protection enjoyed by corrupt public officials hiding stolen money in banks.
“We will summon the banking industry to craft stricter laws so that illegal businesses and criminal elements cannot use our banks to hide their dirty money,” Barbers said.
