Financial security

Who is afraid of the lifting of the Bank Secrecy Law?

Where in the world is there a law on bank secrecy? Only in the Philippines, Lebanon and Switzerland.

In recent years even the Swiss have yielded their bank secrecy law by turning over billions kept in their banks by corrupt politicians and despots.

And there is no such law even in places where foreign and local investments flourish from year to year: Hong Kong, China, Singapore, Japan, Germany, United Kingdom, United States of America, and countless other countries!

Who among our Presidents brought back to life and added awesome teeth to this bank secrecy law?

President Ferdinand Edralin Marcos.

And how and when did he do this? He issued the Presidential Decree in 1981 during the era of martial law.

Let me ask again: Who are the people afraid of the Bank Secrecy Law? Drug lords, illegal arms lords, jueteng lords, smuggling lords, kidnapping lords -- people with crimes to hide.