U.S. view: Philippine bank secrecy laws under fire

http://www.abs-cbnnews.com/-depth/02/09/12/wikileaks-cables-philippine-bank-secrecy-laws-under-fire


These views are worth noting not only in the context of the on-going impeachment trial of the PH's chief magistrate but also in the wider context of "rule of law and good governance" processes in the country.


"Unclassified cable 08MANILA622, dated March 12, 2008 and sent by then Ambassador Kristey Kenney to the US Secretary of State, said anti-corruption efforts in the Philippines were being hampered by local institutions themselves."Investigations are hindered by Philippine banking secrecy laws that limit access to certain crucial financial information, and by poor protection for would-be whistleblowers," said the cable, which was the US Embassy's 2008 report on the Philippines regarding the International Anticorruption And Good Governance Act ...

"A 2008 cable, 05MANILA5927, cited the Supreme Court's strict interpretation of bank secrecy laws.
"The Philippine Supreme Court has ruled that a bank account holder must be given prior notification before inquiry can be made into their bank records during investigation of money laundering or corruption cases," it said. The case, G.R. No. 174629, involved the Anti-Money Laundering Council's efforts  to look into 8 bank accounts that were allegedly used in corrupt activities involving the Ninoy Aquino International Airport (NAIA) Terminal 3. "Both Philippine and US criminal law enforcement efforts may be negatively affected by this decision," the embassy cable said."