Jinggoy Estrada proposes bank secrecy changes to investigate suspicious accounts in the Philippines
Senator Jinggoy Estrada filed Senate Bill No. 1047 in the Philippines to let the Bangko Sentral ng Pilipinas investigate bank accounts suspected of involvement in money laundering, fraud, bribery or related crimes. The central bank would need Monetary Board authorisation and reasonable suspicion, and the measure covers peso and foreign-currency deposits.
The proposal could give the central bank new investigative powers over accounts linked to suspected illegal gambling-related funds.