Philippines central bank calls for urgent reform of secrecy law
Financial industry says current law attracts money launderers as governor demands change
The Philippines central bank urged parliament to immediately pass a reform of the country’s extremely tight bank secrecy laws, which have attracted widespread condemnation.
President Rodrigo Duterte has said he will make a draft law reforming banking secrecy a legislative priority, the central bank announced on August 18.
The president took the move in response to a request for urgent action made by the central bank, the statement said. The draft law will grant more power to the BSP in its
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