BANK SECRECY LAW RA 1405 PDF

Metro Manila (CNN Philippines) — Republic Act , or The Law on Secrecy of Bank Deposits, is an act prohibiting the disclosure of or inquiry. While Section 2 of Republic Act (RA) , also known as the Secrecy of Bank Deposits Act, declares bank deposits to be “absolutely. Tag: RA Philippine Bank Secrecy law Cases. GSIS vs. CA (GR: ). Republic Act No. provides for four (4) exceptions when records of deposits .

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In a recent meeting with the Department of Finance, they raised a concern regarding the continuing need for bank-secrecy laws in the country.

Let us, then, take a look at the current state of our bank-secrecy law. Some of the laws that kaw impliedly added exceptions to the bank-secrecy laws have been confirmed by Supreme Court SC decisions.

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RA | The Student and The Law

Note that Section 11 of the Anti-Money Laundering Act provided for an expressed exception to the bank-secrecy law, while Section 8 of RA and provided for an implied exception to the same law, as ruled in Philippine National Bank v Gancayco. All these exceptions bring to mind the historical observation that rq Holy Roman Empire of the Middle Ages was neither holy and Roman nor an empire.

Perhaps, as the last exception to the bank secrecy law, one may add: For example, unexplained wealth is considered as similar to bribery and plunder under RA In Ejercito v Sandiganbayan, it was held that the crime of plunder is analogous to bribery and, therefore, the exception from the secrecy of bank deposits granted in cases of bribery should also be granted to cases for plunder under RAin which crime is not expressly listed as an exception in RA It should also be pointed out laq there is no secrecy for the bank deposits of dummies.

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In Banco Filipino Savings and Mortgage Bank v Purisima, the SC held that the spouse, dependents and other persons may not effectively invoke the bank-deposits secrecy law. With respect to foreign-currency deposits, note that its confidentiality is more strictly upheld by lesser exceptions.

Hence, the exceptions listed in RA do not apply to such deposits. Tuesday, January 1, Luisita Revisited — A year on under the Lorenzo Group has…. The Philippines did quite well in A real public servant to watch.

The bank-secrecy law | BusinessMirror

Funa is the current Insurance Commissioner. Funa was appointed by President Rodrigo R. Duterte as the new Insurance Commissioner in December Latest posts by Atty.

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