Statement on Bank Secrecy and Anti-Money Laundering Bills

MBC Statement on Bank Secrecy and Anti-Money Laundering Bills

9 March 2020

Makati Business Club supports Sec. Carlos G. Dominguez’s call to lift bank secrecy and strengthen anti-money laundering laws. We call on Congress to lift secrecy for both private and public persons so the country can comply with the standards set by the Financial Action Task Force (FATF) network. Failure to comply by Oct 2020 will result in the country being subjected to restrictions and additional costs that will hit legitimate transactions including the remittances of our OFW workers. More importantly, lifting of the bank secrecy laws will enable the country to better address public and private corruption and collect proper taxes, resulting in more funds for much-needed public services and infrastructure.