Lacson files bill excluding public servants from Bank Secrecy Law

News

Among the top ten priority bills of Senator Ping Lacson is a bill amending Republic Act 1405 which seeks to exclude all public servants from the Bank Secrecy Law. RA 1405 prohibits disclosure or inquiry into bank deposits as a general rule.

Senator Lacson said that the Bank Secrecy Act’s provision prohibiting the disclosure of or inquiry to bank deposits has frequently been exploited to “hamper and stall investigations” of government officials and employees suspected of enriching themselves while in public office.

Lacson said that with his bill authorities will have “the tools needed to go after crooks in government.”

Lacson’s bill, Senate Bill 26, amends Section 2 of R.A. 1405, to exclude from the protection of the Bank Secrecy Law all depositors who are elective or appointive officials or employees of the government, from the President down to the lowest-ranking employee.

Members of the uniformed services, as well as of government-owned and controlled corporations (GOCCs) are also covered by the proposed amendment.