Tuesday, February 14, 2012

Overly Secretive Rules Protecting Foreign Currency Deposits

In the United States, a lot of Americans avoided paying taxes on their income and savings hy hiding it in foreign banks. a lot of them hid their money in Switzerland and a few other countries with laws that heavily protects depositors. The thing is, bank secrecy not only protects the common people but also the unscrupulous sections of this planet. Corrupt politicians, drug lords and other crooks are able to safeguard their not so hard earned incomes through banks hiding under secretive bank laws.

Just recently, Switzerland relaxed it's bank secrecy laws and a number of Americans are now negotiating their fines for misdeclaring their incomes. Their Swiss accounts have now been exposed and their cheating days have ended. In the Philippines, there is still an old age minded bank secrecy law that protects the exposure of foreign currency deposits. it will be no surprise thefore, if the country's corrupt politicians and other criminals start converting their peso loot to foreign currencies.

Republic Act 6426, the "Foreign Currency Deposit Act of the Philippines" is a bad law. it tends to protect the criminal more than the decent man.

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