BSP sets up new rural bank program mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
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.
Bangko Sentral ng Pilipinas (BSP)-led Financial Stability Coordination Council (FSCC), which has just identified the country’s servicing of debts and credit-related risks as red flags to potential systemic issues, is strongly pursuing the signing of a proposed executive order (EO) to empower the int
State-run United Coconut Planters Bank (UCPB) on Tuesday clarified that vaccination of its employees against COVID-19 is part of the medical benefits, and that salary deductions are only for their dependents.
BusinessWorld
June 1, 2021 | 8:29 pm
REUTERS
EASING THE BANK secrecy law should be an immediate priority to demonstrate a commitment to transparency and toughening regulation of money laundering, corruption, and tax evasion, according to the Philippine Chamber of Commerce and Industry (PCCI).
“The PCCI believes the government needs stronger monitoring and enforcement tools to fight tax evasion and other financial crimes. And this could only happen if the country’s stringent bank secrecy law is amended,” the country’s largest business organization said in a statement Tuesday.
House Bill 8991 amends Republic Act No. 1405 or the Secrecy of Bank Deposits Law. The measure will expand the supervisory powers of the Bangko Sentral ng Pilipinas (BSP) by allowing it to look into the deposit accounts of bank shareholders, owners, directors, officers or employees in the course of investigating closed banks, given reasonable grounds to suspect fraud, serious irregula