'The other day, the impeachment court issued an order to open bank deposits. But lo and behold, you cannot open FCDU deposits,' says BSP Deputy Governor Elmore Capule as he lamented the Philippines' outdated bank secrecy rules
MANILA, Philippines – A senior Bangko Sentral ng Pilipinas (BSP) official has criticized the country’s decades-old bank secrecy laws after the House prosecution’s attempt to examine Vice President Sara Duterte’s money trail was stopped at foreign currency deposits, which seem to remain beyond reach even in impeachment cases.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Elmore Capule referenced the Senate impeachment court’s decision as he sharply criticized bank secrecy laws that he said have frustrated investigators for decades.
“The other day, the impeachment court issued an order to open bank deposits. But lo and behold, you cannot open FCDU deposits,” Capule said during the signing of an information-sharing agreement between the BSP and the Department of Justice.
FCDU refers to foreign currency deposit unit accounts, which are commonly denominated in US dollars and other foreign currencies.
