BANK SECRECY LAW RA 1405 PDF

The industry also generates an estimated P24 billion in income taxes annually and P1. But Gordon also warned the huge money entering the country could also pose a security threat to the country. Dominguez said the AMLA, enacted in , remained a weak tool against money laundering and other unlawful activities, especially because tax evasion and other financial crimes were not among the predicate offenses listed under the law that would allow the Anti-Money Laundering Council to examine bank accounts after securing a court order. Without the lifting of RA in the Congress-approved measure, President Duterte vetoed the grant of a general tax amnesty when he signed the Tax Amnesty Act into law in February last year, he said.

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Republic Act No. It was created to encourage people to deposit their money in banking institutions, and for the same to be utilized by the banks for the economic development of the country Section 1. The money deposited and invested in the bank can be used by the latter for another purpose that will be beneficial to our economy. According to Section 2 of the said law, all deposits of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the Government of the Philippines, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office.

Further, it shall be unlawful for any official or employee of a banking institution to disclose to any person other than those mentioned in Section two hereof any information concerning said deposits Section 3. The general rule is that all bank deposits of whatever nature are absolutely confidential, and cannot be inquired into by any person regardless whether he is a private individual or representative of the government.

It guarantees the right of an individual to privacy with regard to his money, which a person can be expected to be treated as a private matter, not readily available to anyone. Sally Go, G. Respondent allegedly deposited the checks issued by the customers to her personal bank account in Security Bank. Court of Appeals, in which the Court noted that the inquiry into bank deposits allowable under R.

Given this perspective, we deduce that the subject matter of the action in the case at bar is to be determined from the indictment that charges respondent with the offense, and not from the evidence sought by the prosecution to be admitted into the records. In the criminal Information filed with the trial court, respondent, unqualifiedly and in plain language, is charged with qualified theft by abusing petitioners trust and confidence and stealing cash in the amount of P1,, The said Information makes no factual allegation that in some material way involves the checks subject of the testimonial and documentary evidence sought to be suppressed.

Neither do the allegations in said Information make mention of the supposed bank account in which the funds represented by the checks have allegedly been kept. In other words, it can hardly be inferred from the indictment itself that the Security Bank account is the ostensible subject of the prosecution inquiry. It was not certainly and particularly deduced that the money in the Security Bank account is actually the money which is the subject matter of litigation.

Every person has the right to privacy including any Information regarding their finances. With the provisions of the Bank Secrecy Law, said right is protected and is subjected to high level of scrutiny should there be any infringement of such right. Although, inquiry into said foreign deposits is also allowed in cases provided for under Section 11 of the Anti-Money Laundering Law, and the Human Security Act of For any violation of this law, will subject the offender upon conviction, to an imprisonment of not more than five 5 years or a fine of not more than Twenty Thousand 20, Pesos or both, in the discretion of the Court Section 5.

Further, bank deposits may be garnished by creditors of the depositor, and it will not be considered as a violation of the Bank Secrecy Law. The reason is that the amount of deposit is actually not disclosed. The intent of the legislature is discussed by the Supreme Court in the case of China Banking Corporation v.

Ortega, G. Indeed, there is no real inquiry in such a case, and if existence of the deposit is disclosed the disclosure is purely incidental to the execution process. It is hard to conceive that it was ever within the intention of Congress to enable debtors to evade payment of their just debts, even if ordered by the Court, through the expedient of converting their assets into cash and depositing the same in a bank.

It was only the existence of the account that was disclosed. If garnishment will not be allowed by using the Bank Secrecy Law as a defense, then, any person may just invoke said law in order for their deposits not to be garnished allowing them to evade payment of debts.

Such instance is not what the law intends to happen. Hence, garnishment of bank deposits, except foreign bank deposits, are allowed under our existing laws. For inquiries, you may reach us at rizzlemay gmail.

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What is the Bank Secrecy Law?

M wrote about this information in his newspaper column. G filed a complaint against M for unlawfully disclosing information about her bank account. The suit will not prosper. The Law on Secrecy of Bank Deposits does not penalize the mere receipt of information about a bank account. Neither could he be penalized under Sec.

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The bank-secrecy law

So, what is bank secrecy? Is it absolute? Are there any exceptions? On 09 September , Republic Act No. This law was enacted to encourage individuals to deposit their money in banks instead of hoarding them.

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Law on Secrecy of Bank Deposits

Republic Act No. It was created to encourage people to deposit their money in banking institutions, and for the same to be utilized by the banks for the economic development of the country Section 1. The money deposited and invested in the bank can be used by the latter for another purpose that will be beneficial to our economy. According to Section 2 of the said law, all deposits of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the Government of the Philippines, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office.

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