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Philippine bill easing bank-secrecy rules approved by Congress, moves to Senate

( May 9, 2023, 06:49 GMT | Official Statement) -- MLex Summary: The Philippines' House of Representatives has approved on third and final reading of a bill easing the country's bank-secrecy rules. House Bill No. 7446 seeks to promote transparent governance and institute anti-corruption mechanisms in the operation of banks and other financial institutions. It introduces penalties of up to 10 years in jail, or a fine of up to 2 million pesos ($35,800) or both. The approved bill will now have to be sent to the Philippine Senate for its counterpart action. Relevant excerpts of the statement follow:...

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