AMLC chief wants absolute lifting of bank secrecy law

MANILA, Philippines – The Anti-Money Laundering Council head on Tuesday expressed its support to the absolute lifting of the bank secrecy law to combat money laundering activities in the country.

"Absolute (lifting) will be better," AMLC Executive Director Julia Bacay Abad said during the Anti-Money Laundering Act of 2001 (AMLA) 101 briefing.

Although hopeful for the absolute lifting of bank secrecy law, Abad admitted that they “will face an uphill battle” to accomplish this. She said that the lifting will not only help the central bank in investigating suspicious transactions but also other agencies such as the Bureau of Internal Revenue (BIR), the Securities and Exchange Commission and other banks.

She noted the agency is pushing for the lifting of the bank secrecy law even before the alleged $81-million money laundering originating from Bangladesh Central Bank surfaced.

The AMLC is also pushing for the inclusion of casinos, real estate brokers and agents from the AMLA since their non-inclusion is considered as the two main deficiencies of the law.

The agency also sought to strengthen the supervisory authority of the Bangko Sentral ng Pilipinas (BSP) over remittance companies.

Last March 19, the BSP and the BIR also pushed for the  “easing or lifting” of bank secrecy laws in view of the probe on the controversial bank heist.