Lacson urges Congress to plug bank secrecy loopholes

Senator Panfilo Lacson is urging Congress to address loopholes in Philippine laws, particularly the Bank Secrecy Law and the Anti-Money Laundering Act, to combat the illicit entry of substantial amounts of money into the country by tourists.

Lacson highlighted that the ease with which large sums of money are being moved in and out of the Philippines suggests a need for legislative action to prevent such activities.

He pointed out that tourists, predominantly Chinese, are facilitating this money laundering, allegedly with the cooperation of corrupt military, immigration, and customs personnel at ports of entry.

While acknowledging the need to tackle corruption among authorities, Lacson emphasized the critical importance of reviewing and amending existing laws to close existing gaps.

He also cautioned that any amendments should be crafted carefully to prevent them from being politically weaponized, drawing from his past experiences.

Drawing from his personal history of being targeted by individuals who used legal mechanisms to challenge him, Lacson recalled proposing amendments to the AMLA and filing a bill to exclude public officials from the Bank Secrecy Act.