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DoF focused on broad bank secrecy easing, not gov’t officials’ bank accounts

THE DEPARTMENT of Finance (DoF) said its focus is on effecting a broad easing of bank secrecy to facilitate tax evasion or money laundering investigations, and is not specifically concerned with accessing the bank records of government officials. “The bill we are supporting is for everybody to be [included] but, subject to suspicions or evidence […] The post DoF focused on broad bank secrecy easing, not gov’t officials’ bank accounts appeared first on BusinessWorld......»»

Category: newsSource: bworldonline bworldonlineMar 13th, 2018

BSP backs easing of Bank Secrecy Law

THE Bangko Sentral ng Pilipinas (BSP) and other government financial institution on Monday expressed their support for a proposal to exempt government officials from coverage of the Bank Secrecy Law. BSP Governor Amando Tetangco Jr. during a hearing of th.....»»

Category: newsSource:  manilatimes_netRelated NewsSep 5th, 2016

Economy: Easing of secrecy on deposits to come with reform of taxes

THE tax reform package being prepared by the government will also carry a proposal to relax the deposit secrecy law, which would allow the Bureau of Internal Revenue (BIR) to look into bank accounts of suspected tax evaders......»»

Category: financeSource:  bworldonlineRelated NewsAug 3rd, 2016

Malaysia ex-PM arrested over $628 million linked to 1MDB – officials

KUALA LUMPUR, Malaysia –  Malaysia's toppled leader Najib Razak was arrested on Wednesday, September 19, and will be charged over allegations that $628 million linked to state investment fund 1MDB ended up in his personal bank accounts, officials said. The Malaysian Anti-Corruption Commission said in a statement that it had detained ........»»

Category: newsSource:  rapplerRelated NewsSep 19th, 2018

Malaysia ex-PM arrested over $628M linked to 1MDB, to be charged

KUALA LUMPUR: Malaysia’s toppled leader Najib Razak was arrested on Wednesday and will be charged over allegations that $628 million linked to state investment fund 1MDB ended up in his personal bank accounts, officials said. Allegations that huge sums were looted from the investment vehicle by Najib and his cronies were a major factor in [...] The post Malaysia ex-PM arrested over $628M linked to 1MDB, to be charged appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsSep 19th, 2018

Oslob gets Capitol’s help

THE Provincial Legal Office (PLO) is urging the Bureau of Internal Revenue (BIR) 13 to reconsider its decision to freeze more than P50 million in the bank accounts of the Oslob Municipal Government. Provincial Legal Officer Orvi Ortega said they plan to question the BIR’s warrants of garnishment after town officials claimed they were not… link: Oslob gets Capitol’s help.....»»

Category: newsSource:  manilainformerRelated NewsAug 20th, 2018

Zarate renews call to support bill allowing scrutiny of gov’t officials’ bank accounts

Bayan Muna party-list Representative Carlos Zarate on Tuesday reiterated his call for the government to support the passage of a law that seeks to look into the local and foreign currency deposits of all elected and appointed officials and employees. Source link link: Zarate renews call to support bill allowing scrutiny of gov’t officials’ bank accounts.....»»

Category: newsSource:  manilainformerRelated NewsJun 5th, 2018

Bangladesh open to settlement over $81-M Manila cyber heist

MANILA/DHAKA — Bangladesh would consider an out-of-court settlement with a bank in the Philippines over $81 million stolen from its accounts in New York by hackers who wired the money to Manila, Bangladesh central bank officials said on Thursday. In one of the world’s biggest cyber heists, the hackers stole the Bangladesh Bank money held […].....»»

Category: newsSource:  interaksyonRelated NewsMay 4th, 2018

Zarate calls for Duterte support vs bank secrecy

A LAWMAKER on Thursday urged the administration of President Rodrigo R. Duterte to support the passage of the bill that seeks to examine government officials’ bank accounts to curb graft and corruption. Bayan Muna Representative Carlos Isagani T. Zarate, author of House Bill (HB) 7146, said in a statement that the Bank Secrecy Law “has […] The post Zarate calls for Duterte support vs bank secrecy appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsMar 15th, 2018

Duterte willing to waive bank secrecy to PACC

MANILA, Philippines — President Duterte is willing to open his bank accounts to the Presidential Anti-Corruption Commission (PACC) but not to his political r.....»»

Category: newsSource:  philstarRelated NewsMar 8th, 2018

‘Bank Secrecy Law should exempt public officials’

Public officials should be exempted from coverage of the Bank Secrecy Law to effectively fight corruption, Bayan Muna party-list Rep. Carlos Zarate, said on Sunday. Zarate made the proposal through House Bill 7146 or the Act Requiring Public Officials and Employees to Execute a Written Permission to Examine, Inquire or Look Into Their Bank Deposits, [...] The post ‘Bank Secrecy Law should exempt public officials’ appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsFeb 25th, 2018

The Mindanao Trust Fund: Supporting Reconstruction and Development in Conflict-affected areas in Mindanao

MAGUINDANAO – Conflict-affected communities in Mindanao are among the poorest in the Philippines suffering from poor infrastructure and lack of basic services, including education and health, weak local governance, and minimal private sector investment, according to a report by the World Bank. It said insecurity has been a major challenge. Frequent armed clashes driven by multiple and inter-related forms of conflict—insurgent groups, clan disputes, and quasi-ideological criminal banditry—have created severe economic dislocation and displacement of people. Armed conflict and poverty are inextricably linked. The Autonomous Region in Muslim Mindanao (ARMM), one of the most heavily conflict-affected regions, has poverty incidence of 52.9 percent, almost double the national average. Based on the peace deal with the Philippine government in 2012, the Moro Islamic Liberation Front (MILF) is expected to transition into a social and political movement. One of the key challenges for a successful transition is to help the MILF build development planning, budgeting, and public administration skills within its ranks. The Mindanao Trust Fund or MTF works to enhance access to services and economic opportunities and build social cohesion while enhancing the capacity of local institutions in conflict-affected areas. It supports the Bangsamoro Development Agency (BDA), the development arm of the MILF. Based on a 2001 agreement between the Government of the Philippines and the MILF, the BDA is tasked to determine, lead, and manage relief, rehabilitation, and development projects in the conflict-affected areas. It’s a unique project that enables various stakeholders—government, the World Bank, and other development partners—to work with a revolutionary movement in delivering development results even before the signing of a final peace agreement. With an enhanced role of women, the program helps the BDA to deliver community development and income-generating subprojects in communities. This enhances access to basic services such as clean water, roads and day care centers. BDA also works to strengthen community enterprises for employment and income generation. The community-based approach brings people from different groups—Muslims, Christians, and Indigenous Peoples—together for the common good, building social cohesion and trust. Over time the program has expanded beyond community development to assist the BDA to develop skills in macro-development planning. A broad package of engagement complements the MTF promoting inclusive growth across Mindanao. For example, US$121 million for farm-to-market roads in Mindanao is included in the nation-wide PRDP while the National Community Driven Development Project is financing US$190 million for CDD activities in Mindanao. Over a decade, 650,000 people (52% of whom are women) in 284 villages have benefitted from 641 subprojects financed by the MTF. The subprojects have included water systems, community centers, sanitation facilities, access roads, post-harvest facilities, and farming and fishing equipment. Eighty-six percent of the beneficiaries say that the project reflected their needs. The subprojects have reduced travel time to market, increased agricultural productivity, reduced post-harvest costs, and increased access to basic services such as clean water. Beneficiaries of income-generating subprojects reported a 10 to 20 percent increase in incomes. About 330,383 women beneficiaries learned skills in community planning and implementation. And 42 community enterprises in 11 villages have been trained in business development to generate sustainable employment and income. The Bangsamoro Development Agency has evolved from a small group of volunteers with no development experience to a leading development agency in Mindanao with 300 staff across seven regional management offices. BDA cooperates with multiple national and international partners, including JICA, WFP, and UNICEF. Bangsamoro Development Plan: the MTF provided technical assistance to help the BDA formulate the first comprehensive economic development blueprint prepared by a non-state armed group. Under the Alternative Learning System project, about 1,832 former combatants, housewives and out-of-school youth reported increased confidence because of improved reading, writing and numeracy abilities. These contributed to their more active participation in community meetings, stronger support for their children’s schoolwork, and better fair farm pricing transactions in city markets. The MTF has remained an important mechanism for consolidating peace and development in Mindanao. Beyond the impact of subprojects at the community level, the program’s ability to converge government and international support to empower Bangsamoro people and institutions to lead in community development seeks to lay the foundation for future sustainable and inclusive development in the Bangsamoro. The program fostered social cohesion by creating spaces for dialogue between Muslims, Christians, and Indigenous Peoples, as well as a diverse mix of local, regional, and national institutional actors. In many remote locations, the project provided the only opportunity for different groups to interact. The increased familiarity built mutual understanding—the basis of trust. Project policies also ensured active and meaningful participation of indigenous peoples and women, who are often otherwise marginalized from decision-making processes at the village level. The participative approach fostered social unity and built trust among stakeholders. In tri-people communities, minority groups shared better understanding and more harmonious relations with Muslims due to the consensus-building nature of CDD/CDR. While residents of remote communities—who had had little to no government access—disclosed growing trust towards government institutions at the end of the project due to the assistance provided by officials. The Bank’s technical and analytical support through the MTF and other engagements supporting peace and development in Mindanao have produced a significant body of literature that helps inform policy dialogues among various stakeholders. For instance, the Land Conflict study prepared for the Transitional Justice and Reconciliation Commission provides short- and medium-term recommendations that can help address land conflict in Mindanao. Also, the Public Expenditure Review in […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsJan 26th, 2018

Trillanes denies offshore accounts, vows to sign bank secrecy waiver

Trillanes denies offshore accounts, vows to sign bank secrecy waiver.....»»

Category: newsSource:  rapplerRelated NewsSep 11th, 2017

Escudero: Closed accounts not covered by Bank Secrecy law | SunStar - Sun.Star

Escudero: Closed accounts not covered by Bank Secrecy law | SunStar - Sun.Star.....»»

Category: newsSource:  googlenewsRelated NewsAug 23rd, 2017

Financial regulators press anew for further easing of bank secrecy

FINANCIAL REGULATORS are batting again for the repeal of the bank secrecy law to deter investment scams and corruption, among others, and to make the country more attractive to foreign investors besides......»»

Category: newsSource:  bworldonlineRelated NewsMar 8th, 2017

Opinion: M. A. P. Insights -- Raymond A. Abrea: "Lifting the bank secrecy law"

The Bureau of Internal Revenue (BIR) remains one of the most corrupt government agencies despite the efforts of the new administration to promote a simpler, fairer and more efficient tax system. In fact, some revenue officials continue to extort money from taxpayers they audit regularly, as usual, even using the name of Commissioner Dulay and President Duterte to persuade them. Like the war on drugs, the ultimate victims in this "moro-moro" are the small and medium enterprises (SMEs), as large companies have tax consultants and lawyers to defend and protect them from harassment. Given this corrupt and inefficient audit program, I honestly think lifting the bank secrecy law at this time would only further encourage the "corrupt" BIR examiners to harass SMEs while getting more bribe money from the real tax evaders (and smugglers); often large taxpayers who can afford to bribe and save millions from not paying the right taxes......»»

Category: financeSource:  bworldonlineRelated NewsMar 6th, 2017

Bank accounts confidential under Bank Secrecy Law

Bank accounts confidential under Bank Secrecy Law.....»»

Category: newsSource:  manilatimes_netRelated NewsFeb 17th, 2017

PDP-Laban BSP bet vows easing of bank secrecy - Manila Bulletin

PDP-Laban BSP bet vows easing of bank secrecy - Manila Bulletin.....»»

Category: newsSource:  googlenewsRelated NewsFeb 17th, 2017

AMLC targets state workers' accounts

THE ANTI-MONEY Laundering Council (AMLC) -- the Philippines’ financial intelligence agency -- has formally asked lawmakers to lift restrictions on bank secrecy of both peso and foreign currency deposits, supporting bills that zeroed in on bank acco.....»»

Category: newsSource:  bworldonlineRelated NewsOct 11th, 2016

Front Page: AMLC targets state workers' accounts

THE ANTI-MONEY Laundering Council (AMLC) -- the Philippines' financial intelligence agency -- has formally asked lawmakers to lift restrictions on bank secrecy of both peso and foreign currency deposits, supporting bills that zeroed in on bank accounts he.....»»

Category: financeSource:  bworldonlineRelated NewsOct 11th, 2016

State deposit insurance firm’s role when a bank goes bankrupt

Dear PAO, I maintain several deposit accounts in a rural bank that recently declared bankruptcy. During our meetings with the bank’s officials, they repeatedly assured us that our money is covered by insurance, which will be paid by the PDIC. May I.....»»

Category: newsSource:  manilatimes_netRelated NewsSep 11th, 2016