Manila, Jan. 13 -- Senator Jinggoy Estrada is pushing for the passage of a measure that seeks to amend Republic Act No. 1405 or the Bank Secrecy Law to allow for greater transparency in financial transactions, particularly in relation to illicit activities.

Senate Bill No 1047 seeks to introduce carefully defined exceptions that would allow the Bangko Sentral ng Pilipinas (BSP), in the exercise of its supervisory powers, and competent courts to look into suspicious bank accounts linked to bribery, fraud, money laundering, or other serious financial crimes.

Under the proposed measure, the BSP may examine bank deposits when there is a reasonable basis to believe that fraud, serious irregularities, or unlawful activities have been or are b...