A threat to bank secrecy

A threat to bank secrecy

by Kathleen Teresa M. Ramos

a threat to bank secrecy

Section 2 of Republic of Act (RA) No. 1405 or the Law on Secrecy of Bank Deposits (LSBD) provides for the confidentiality of all deposits with banks or financial institutions. However, the same law allows the examination and inquiry into a bank deposit of any person, government official, bureau or office in the following instances:

(1) When the depositor gives a written permission

(2) In cases of impeachment

(3) Upon the order of a competent court in cases of bribery or dereliction of duty of public officials.

(4) In cases where the subject deposit is the subject matter of a court proceedings. RA No. 6426 or the Foreign Currency Deposit Act (FCDA) likewise aims to ensure the secrecy of foreign currency deposits, except when the depositor's written permission is provided.


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