00:00A senior Banco Central ng Pilipinas official criticizes the country's decades-old bank secrecy laws.
00:06This after the House prosecution failed to examine Vice President Sara Duterte's foreign currency deposits,
00:11cutting off attempts to follow her money trail.
00:14Foreign currency deposits remain beyond reach even in impeachment cases.
00:18DSP Deputy Governor Elmore Capule says bank secrecy laws have frustrated investigators for decades
00:24as foreign currency deposit accounts cannot be opened by courts.
00:27He says Wednesday, July 22, we are talking of bank secrecy being used to hide illegal activities.
00:33He adds bank secrecy quote-unquote mutated into state policy under the Anti-Money Laundering Act.
00:39Capule notes the Philippines' outdated bank secrecy laws can stop authorities from getting a complete financial picture.
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