Law sought for stricter bank rules on dummies of politicians

Senator Miriam Defensor Santiago introduced a bill seeking to expand the responsibilities of banks in preventing money laundering activities and discouraging people to act as dummies for corrupt public officials to hide illegally-acquired assets. It will mandate banks to ask clients to sign documents to specify if the deposits are their own money or they are acting as “nominees” – or dummies – for the “beneficial owners” of the deposits. She announced her bill while the Senate was grilling a businessman whom they accuse of fronting for Vice President Jejomar Binay to hide an undeclared property. The VP, Defensor, and the senators leading the probe have all expressed intention to run for president in 2016.

See the list of PEPs in this full story on Rappler.