Tañada cites difficulties amid bank secrecy laws
Posted at 02/14/2012 8:47 PM
Prosecution spokesman Rep. Erin Tañada explains the difficulty of the prosecution in light of the country's bank secrecy law and the Foreign Currency Deposit Act. He also says the monthly bank statements of Chief Justice Renato Corona in his Bank of the Philippine Islands (BPI) account may help them prove that Corona did not truthfully declare his wealth in his SALNs. Corona had P12 million in his BPI account as of end 2010, but declared only P3.5 million in his 2010 SALN. -- ANC Live Events, February 14, 2012
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Anti-Money Laundering Act (AMLA)
To address concerns such as the high threshold level for covered transactions, the coverage of “covered institutions” and the existing Bank Secrecy Law, the amendments to the AMLA were signed into law on 7 March 2003. The amendments included the following: a) lowering the threshold for covered transactions from P4.0 million to P500,000; b) authorizing the BSP to inquire or examine any deposit or investment with any banking institution without court order in the course of a periodic or special examination; and c) removing the provision prohibiting the retroactivity of the law.
Palace used government resources bir,doj,lra,opps,congress, to persecute the SC head. just command his lawbreaker frends in congress.duh!
The accounts are genuine
The accounts exist and were validated by the bank officers, paano naging fake ito? Do you know how they come up with a bank account number? The answer is that a formula is used to derive an account number? Do you know that each bank account number has a check-digit? You don't pick up an account number from a thin air.