Philstar
Mining firms raise privacy concerns over new ownership monitoring rules
The Securities and Exchange Commission (SEC) and the Department of Finance (DOF) signed a data-sharing agreement on September 3 to enhance transparency in beneficial ownership of companies, particularly in the extractive sector.
This initiative supports the Philippine Extractive Industries Transparency Initiative (PH-EITI) and aims to improve compliance with international standards set by the Financial Action Task Force (FATF).
Under the agreement, the SEC will grant PH-EITI access to corporate data on beneficial owners to help detect and prevent corruption and illicit financial activities.
However, mining firms have raised concerns regarding potential privacy risks and the handling of sensitive personal data under these new monitoring rules.
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