BusinessWorld
June 11, 2021 | 12:01 am
REUTERS
THE Securities and Exchange Commission (SEC) is backing the amendment of the Republic Act No. 1405 or the Secrecy of Bank Deposits Law to further strengthen its efforts against dirty money, tax evasion, and other financial crimes.
“Such provisions will lift a long-standing barrier to effective investigation and prosecution of financial crimes,” the corporate watchdog said.
The amendments under House Bill No. 8991 will empower the SEC, the Bangko Sentral ng Pilipinas, the Philippine Deposit Insurance Corp., the Anti-Money Laundering Council, the Department of Justice, and other courts to look into the deposits of supervised institutions or persons should there be reasonable grounds to do so.
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The Securities and Exchange Commission (SEC) has received special citations from the Anti-Red Tape Authority (ARTA) for its efforts toward improving the ease of doing business in the country.
In the Ease of Doing Business Summit held last week, the ARTA recognized the Commission as a “Doing Busin
Published May 14, 2021, 4:41 PM
The Securities and Exchange Commission (SEC) has received special citations from the Anti-Red Tape Authority (ARTA) for its efforts toward improving the ease of doing business in the country.
In the Ease of Doing Business Summit held last week, the ARTA recognized the Commission as a “Doing Business Competitiveness Ranking Mover” for instituting the most number of reforms considered in the World Bank’s Doing Business 2020 Report.
The ARTA likewise cited measures adopted by the SEC toward protecting minority investors (PMI), which served as “Big Impact Indicator” and “Most Improved Indicator” of ease of doing business in the Philippines, based on World Bank’s report.
Published May 7, 2021, 9:59 PM
Defrauded of over P566 million that led to its abolition in 2013, the Philippine Forest Corporation has become so broke that it could not even pay the Bureau of Internal Revenue of its tax liability which is a requisite in closing its book of accounts.
In a Management Letter on the Philforest audit conducted last year, the Commission on Audit said Philforest still cannot close its books of accounts as required under COA Circular No. 92-0375 “despite the lapse of seven years from” the approval of its abolition in 2013.
In the letter sent recently to Natural Resources Secretary Roy A. Cimatu, Supervising Auditor Ma. Linda C. Decena cited the agency’s failure to pay P3.395 million in tax liabilities to the Bureau of Internal Revenue as among the causes of delay in the implementation of the winding of operations of state-run firm.