SEC backs easing of bank secrecy law amid corruption concerns

THE SECURITIES and Exchange Commission (SEC) said it supports proposals to ease the country’s bank secrecy law, saying the move would strengthen its ability to investigate financial crimes and improve transparency in the Philippine capital market.

- 

FRANCISCO ED. LIM

(THE SECURITIES AND EXCHANGE COMMISSION)

“The lifting of the bank secrecy law will sustain our efforts toward strengthening transparency and accountability,” SEC Chairperson Francisco Ed. Lim said in a press release on Wednesday.

Mr, Lim said the strict confidentiality rules hinder investigations and prosecutions of financial crimes.

He noted that access to critical financial information, especially in cases of insider trading, market manipulation, and investment fraud, would greatly enhance the commission’s enforcement capabilities.