March 08, 2017

SEC favors repeal of bank secrecy law

According to an article from The Philippine Star, the Securities and Exchange Commission (SEC) is pushing for the repeal of the bank secrecy law as part of efforts to attract more foreign investments into the country. The article quoted the SEC chairperson as saying that the lifting of bank secrecy will result in a stronger financial sector. Herbosa explained that the repeal of bank secrecy will result in better case buildup against serious law violators and will lead to a reduction in financial and monetary crimes.