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Philippines: Bank secrecy vs anti-money laundering — how AMLA creates key exceptions under Supreme Court rulings

Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema·Jay Hilotin·about 1 month ago
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Manila: Under Philippine jurisprudence, there is no fundamental "conflict" that renders one law invalid. Rather, the Anti-Money Laundering Act (AMLA, RA 11521 , signed in January 2021, amending RA 9160) functions as a specific, significant statutory exception to the Bank Secrecy Law (RA No 1405, signed in 1955). RA 11521 strengthened the Philippines' Anti-Money Laundering Act (AMLA), and the Supreme Court has consistently held that later laws create new exceptions to the general rule of confidentiality established in 1955. How they interact Bank Secrecy (RA 1405):  Protects all bank deposits, treating them as "absolutely confidential" — but with limited exceptions — like written consent, impeachment, court orders for bribery/dereliction of duty, or when the deposit is the subject of litigation.…

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