Press Release
February 24, 2010

Aquino will waive right to bank secrecy

Liberal Party standard bearer, Senator Benigno "Noynoy" S. Aquino III, said Tuesday he will waive his rights under the Bank Secrecy Law to set an example for others in his administration if elected president.

"I am willing if necessary (to waive my rights under the Bank Secrecy Law)...but I will not presume for others who will join government," he said in the Second Integrity and Human Rights Conference at Hotel Intercontinental Manila.

Under Republic Act 1405, disclosure or inquiry into deposits with any banking institutions is prohibited. Section 2 of the law considers as "absolutely confidential" all deposits with banks or banking institutions in then Philippines.

Some exceptions are a written permission of the depositor or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation.

Violations carry a penalty of up to five years imprisonment or a fine of up to P20, 000 or both.

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