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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.
BusinessWorld
June 7, 2021 | 12:06 am
THE Securities and Exchange Commission (SEC) flagged Xian Coin, which is an unregistered âdigital currencyâ promising big returns with Christian Albert Gaza or Xian Gaza as the sole issuer.
Xian Coin is said to be a centralized digital currency powered by the Etherium Blockchain traded exclusively by its coin holders. A blockchain or distributed ledger is a âpeer-to-peerâ database across computer networks, recording transactions that may never be altered.
âUnlike other digital assets which are decentralized and use consensus [mechanisms] such as proof-of-work/proof-of-stake or mining and whose value is dependent on supply and demand, Xian Coin is centralized, pre-mined or generated and whose supply and purported value is controlled by Xian Gaza,â the SEC said.
SM Investments Corporation (SMIC) has taken control over 2Go Group Inc. with the completion of the divestment of Dennis A. Uy from the company in favor the Sy family’s investment arm and Singapore private equity fund Archipelago Capital Partners Pte. Ltd.
In a disclosure to the Philippine Stock E
DAVAO CITY, June 1 (PIA)- The Securities and Exchange Commission (SEC) has issued another set of advisories against several entities soliciting investments from the public without the necessary licenses.These unlicensed investment firms are:1. G-HARVEST INCORPORATED/GREAT HARVEST INCORPORATED.