The questions of how much access and how the government may get information about private bank accounts are complex and controversial. The current discussion centers on candidates for elected office.
There is certainly justification for knowing the financial position of candidates, as well as health conditions, and maybe even past educational information. These issues can be resolved by the public demanding this information, as voter pressure would probably force future office-seekers—at least for the highest offices—to make a full disclosure.
However, a much more important question arises as to whether bank-secrecy laws are important for the ordinary citizen.
It is possible that the average person takes the attitude that if a person has nothing to hide, why should government be prevented from bank account information? At first glance, that may make sense. But the concept of the government being able to have increased surveillance of a private citizen who is not suspected of any crime is much more critical.
Republic Act 1405—the law on secrecy of bank deposits—and Presidential Decree No. 1792 say that “All deposits of whatever nature with banks…are hereby considered as of an absolutely confidential nature and may not be examined…except when the examination is made in the course of a special or general examination of a bank and is specifically authorized by the Monetary Board after being satisfied that there is reasonable ground to believe that a bank fraud or serious irregularity has been or is being committed and that it is necessary to look into the deposit to establish such fraud or irregularity.”
This embodies the “due process of law” and the Philippine Constitutional provision of “The right of the people to be secure in their persons, houses, papers and effects against unreasonable searches and seizures…for any purpose shall be inviolable, and no search warrant shall issue except upon probable cause to be determined personally by the judge.”
The purpose of both of these laws is to prevent “fishing expeditions” by any part of the government. The contention is that these rules make the job of the Anti-Money Laundering Council (AMLC) more difficult. We wonder why that is the case. If the AMLC or any other agency has reasonable suspicion that a person is violating the law, they can take the evidence to a judge and get a search warrant for the bank accounts. It is the same as for law-enforcement officials searching for evidence in any other crime.
What makes a person’s bank account any less protected from “unreasonable searches” as his or her house? The same Article III of the Philippine constitution that protects a person’s privacy from illegal searches also protects the freedom of speech, the press, and even the privacy of your e-mails.
American founding father Thomas Jefferson wrote, “When governments fear the people, there is liberty. When the people fear the government, there is tyranny.” Maybe that is why the government wants into our bank accounts and yet the people do not have a Freedom of Information law.
Image credits: Jimbo Albano