What is the Bank Secrecy Law?

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Metro Manila (CNN Philippines) — Republic Act 1405, or The Law on Secrecy of Bank Deposits, is an act prohibiting the disclosure of or inquiry into deposits with any banking institution.

According to the law, all deposits with banks or banking institutions in the country are confidential, and may not be examined or looked into by any person, government, official, bureau, or office.

However, it does provide exemptions:

The depositor gives written permission

Cases of impeachment

Upon order of a competent court in cases of bribery or dereliction of duty of public officials, or

cases where the money deposited or invested is the subject matter of the litigation

Those found guilty of violating the law face imprisonment of not more than five years or a fine of not more then P20,000, or both,