Editorial 3/21/16 (banking, Philippines, money laundering, earth, protection, peace, Syria, RCBC)

Philippine Star "Bank secrecy"

Senators reportedly want to “dig deeper” into the money laundering scandal involving several casinos and a bank. Congressmen, apparently hit by publicity envy, have announced plans to conduct their own probe. The congressional inquiries, ostensibly in aid of legislation, could be stretched all the way to election day. With just three months left before incumbent officials finish their terms, can any piece of legislation even be proposed in connection with this probe? One measure needed to prevent a repeat of the scandal has been sought by authorities since the Anti-Money Laundering Act was passed in 2001: an easing of bank secrecy laws, which are among the toughest in the world. But every Congress has brushed aside the proposal. Will the ongoing probe make a difference? [full text]

Sun.Star Cebu "Vote Earth"

Launched by the World Wide Fund for Nature in 2007, the Earth Hour began as a “lights-off” event in Sydney, Australia to get more communities to address their impact on the ecology. In 2008, two major Manila-based commercial establishments were among the landmarks on all seven continents that switched off non-essential lighting for an hour on March 29.
Last Saturday, the country’s observance of the international global movement aimed at reducing humanity’s carbon footprints involves a growing cross-section of the community, including citizens, civil society, the private sector, and governments. To support the pro-Earth initiative, many businesses blend their commercial thrusts with a philosophy promoting wholeness and healing of persons and nature. [full text]

Manila Bulletin "Peace hopes up in Syria"

Russian warplanes started leaving Syria Tuesday last week in a move that surprised Western officials. Russia, along with Iran, has been the principal supporter of Syrian President Bashar al-Assad in the civil war that has been raging for five years now. Russian planes had been bombarding rebel forces, including some supported by the United States and other Western nations.
Western officials were surprised by Russian President Vladimir Putin’s unexpected decision to withdraw the Russian warplanes. Nevertheless, they welcomed it as a significant development in the ongoing peace process in Geneva, Switzerland. There has been a partial ceasefire in Syria since February 27, when all sides, except the Islamic State and the al-Nusra Front jihadist groups, agreed to stop all operations, to enable peace negotiators to meet. The United Nations Commission of Inquiry in Syria reported a “significant decrease” in violence and said that “for the first time, there is hope of an end in sight.” [full text]

Inquirer "Bank secrets"

There is one other matter that deserves full government attention and action in the ongoing investigation into the $81-million money laundering scam involving Rizal Commercial Banking Corp. and local casinos: the strict bank secrecy rules that have protected many crooks from criminal prosecution.
At the initial Senate hearing last week, the senators (and the viewing public) were exasperated when RCBC officials repeatedly invoked the Bank Secrecy Law when asked about the circumstances surrounding the laundering of $81 million stolen from the central bank of Bangladesh. “I apologize, your honor, I can’t talk specifically about this case because of the Bank Secrecy [Law]” or “I was advised by counsel, your honor, to refrain from talking about bank accounts and specific transactions. I apologize…” was the common reply of RCBC officials to inquiring legislators. As early as 11 years ago, the United States criticized the Philippines’ bank secrecy rules as being “among the strictest in the world.” [full page]