Recto wants bank secrecy laws revisited
Angie M. Rosales 02/11/2012Called moves to press for the opening of alleged dollar deposits of Supreme Court (SC) Chief Justice Renato Corona in the ongoing impeachment trial has stirred alarm in the banking industry, an administration senator admitted yesterday.
Sen. Ralph Recto said he has in fact been receiving “friendly admonitions” from concerned members of the banking community about the ramifications of waiving or liberal application of the laws on Foreign Currency Deposits Act (FCDA) and the Bank Secrecy Act.
“The sum of the friendly heads-up that I have been getting is that this may result in a complete break down of confidence in the banking system,” Recto said. “Businessmen would be pondering the question — if the current banking laws would not be able to protect us, who would?”.... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/nation/20120211nat9.html
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