REELECTED Leyte 1st District Representative Martin Romualdez filed House Bill No. 7 to amend the country’s Bank Secrecy Law, aiming to equip financial regulators with stronger tools to detect and prevent corruption, fraud, and money laundering.
The bill proposes amendments to Republic Act No. 1405, allowing the Bangko Sentral ng Pilipinas (BSP) to examine bank deposits—both peso and foreign currency accounts—under strict legal conditions when there is reasonable suspicion of unlawful activity.
The former House Speaker emphasized that the outdated secrecy law is currently being used to shield criminal activities like tax evasion and graft.
“The Philippines should no longer be a haven for dirty money,” he said.
Under the proposed reform, the BSP may act when its Monetary Board suspects fraud involving bank officers or institutions under its jurisdiction.
The bill ensures findings are limited to internal use and may only be shared with agencies like the DOJ, AMLC, or the courts when legally necessary.
To prevent abuse, strict penalties—including jail time and hefty fines—await those who unlawfully disclose bank information. Romualdez stressed the measure balances accountability with privacy, and aligns the Philippines with international anti-corruption standards.
