LAWMAKERS approved on third and final reading a measure that would allow the Bangko Sentral ng Pilipinas (BSP) to look into the accounts of individuals involved in illegal financial activities.
During a House session on Monday, 270 members voted in favor of House Bill No. 6707, which seeks to amend the country’s decades-old bank secrecy law and empower the central bank to investigate cases of corruption and illicit financing.
The measure would allow the BSP, with approval from the Monetary Board, to access the bank deposit accounts of a stockholder, owner, director, trustee, officer or employee of a BSP-regulated entity, including any of the conspirators of the person involved.
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