Lacson is proposing that all elective and appointive government officials, from the president down to the lowest rungs of the bureaucracy, be exempted from the bank
secrecy privilege.
He noted that the bank secrecy protection had been frequently exploited to 'hamper and stall investigations' of government officials.
The proposed measure amends the Bank Secrecy Law to exempt protection for 'all depositors who are elective or appointive officials or employees of the government, from the President to the lowest-ranking employee.'
In 1940, with war raging in Europe, Congress renewed 1917 legislation --originally passed to restrict disclosure of sensitive technology in the First World War--that authorized the USPTO to issue secrecy orders on patent applications and to withhold the grant of a patent if publication might compromise the war effort.
From July 1940 until just after the war, when most of the secrecy orders were lifted and the relevant patents were allowed to be issued, the restrictive policy appears to have achieved important inventions than those that were not restricted, comparing all secret versus non-secret patent applications would not provide a clear picture of the effects of secrecy.
BSP governor, Benjamin Diokno, has called on Congress to ease the country's restrictive deposit secrecy laws to widen the effectiveness of norms aimed at flushing out money launderers and tax evaders from the banking system.
The BSP called for amendment to the Bank Secrecy Law, which was first enacted in 1955.
Apart from enabling a more efficient implementation of tax amnesty, she said the lifting of bank secrecy and the AEOI, are also international commitments of the Philippines.
'We are supportive of the DOF [Department of Finance] requirements, the lifting of the bank secrecy and AEOI.
He made the appeal after he vetoed the grant of general amnesty without lifting bank
secrecy for fraud as it could be prone to abuse and lead to tax evasion.
The
secrecy order was adopted 10 days after the grim December 4 discovery of Amy's body and following an inconclusive autopsy which led to DNA tests taking place to confirm who the dead woman was.
AN EMPIRICAL ASSESSMENT OF STARTUPS AND TRADE
SECRECY 789
The Federal Supreme Court by a 3-2 majority rejected an appeal by Zurich prosecutors in a 14-year legal battle involving former private banker Rudolf Elmer, who had been acquitted of breaking
secrecy laws.
