Financial transparency
BANKING REFORM FOR INTEGRITY, GOOD GOVERNANCE, HONESTY, AND TRANSPARENCY (BRIGHT) ACT
The Banking Reform for Integrity, Good Governance, Honesty, and Transparency (BRIGHT) Act aims to expand the disclosure of bank and financial deposits, repealing certain provisions of existing laws that govern the secrecy of deposits. It seeks to combat financial crimes and promote transparency in banking practices.
BANKING REFORM FOR INTEGRITY, GOOD GOVERNANCE, HONESTY, AND TRASPARENCY (BRIGHT) ACT
The Banking Reform for Integrity, Good Governance, Honesty, and Transparency (BRIGHT) Act aims to expand the disclosure of bank and financial deposits by repealing existing laws on deposit secrecy.
AMENDING SEC. 2 OF R.A.. NO. 1405 (SECRECY OF BANK DEPOSITS LAW)
This bill amends the Secrecy of Bank Deposits Law to allow for greater transparency in financial transactions, particularly in cases of suspected illegal activity, while still protecting the rights of depositors.
AMENDING R.A. NO. 6426 (FOREIGN CURRENCY DEPOSIT ACT OF THE PHILIPPINES)
This bill amends the Foreign Currency Deposit Act to remove confidentiality for foreign currency deposits held by public officials and employees, aligning with transparency and accountability standards.