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Lacson wants bank secrecy law lifted

Sen. Panfilo M. Lacson yesterday sought the easing of restrictions in the recovery of ill-gotten wealth of government officials, including the president, by excluding them from the Bank Secrecy Act.

Lacson filed the other day Senate Bill No 47 which seeks to effectively remove from all public servants the “protection” afforded by Republic Act 1405 which prohibits disclosure or inquiry into bank deposits.

Lacson, a reelectionist and former Philippine National Police chief under the Estrada administration, conceded that the avowed purpose of the Bank Secrecy Act is meritorious in preserving the confidentiality of bank transactions.

“Unfortunately, this provision of the law prohibiting the disclosure of or inquiry to bank deposits had been exploited time and again to hamper and stall investigations of government officials and employees suspected of enriching themselves while in public office,” he explained. (Mario B. Casayuran)