Secrecy off for deposits above P50M in Philippines

Scoring a crucial victory against money laundering, the House of Representatives has given the Bangko Sentral the power to examine suspicious deposit accounts more than P50 million under the proposed Revised Central Bank Act.

Under Section 26 of House Bill No. 9427, the central bank's policy-making monetary board may now authorise investigations of deposit accounts more than P50 million if there is "reasonable grounds" to believe that "crime, fraud or serious irregularities have been committed