Jinggoy files Senate bill No. 3120 amending Foreign Currency Deposit act

Jinggoy files bill amending foreign currency deposit act under Senate Bill 3120. It introduces amendment to a four decade old RA 6426 to include the “order of an impeachment court or any competent court involving public officials charged with the violation of RA 3019 or the anti-graft and corruption practices act” as exception to the confidentiality clause of the law.

The amendment further provides that probable cause be established that the foreign currency deposit involved is directly related to the cause of the action in the complaint.

Senator Estrada further explains that “the law is being used as an excuse and as refuge to hide alleged illegally acquired wealth of public officials and employees. The measure shall cover all public officials including those identified as impeachable offices who may have engaged in corrupt and other criminal activities.

Te bill also aims to discourage private individuals who may intend to hide their unlawful deposits by converting their illegal income into foreign currency deposits.