(AMLA).The corporation also submitted in evidence records of the officers‘ U.S. Dollar deposits in several banks in the Philippines. For their part, the officers alleged that their bank deposits were illegally disclosed. WERE THEIR BANK DEPOSITS ILLEGALLY DISCLOSED IN THIS CASE?
1. K, an employee of a growing BPO earns a salary which is just a bit more than what he needs for a comfortable living. He maintains a P10,000 savings account, a P20,000 checking account, a P30,000
a. The P10,000 savings account and the P20,000 checking account
b. The P10,000 savings account and the P30,000 money market placement
c. The P30,000 money market placement and the P40,000 trust fund
d. The P20,000 checking account and the P40,000 trust fund
2. The corporation claimed that their officers were guilty of advancing their personal interests to the prejudice of the corporation and so upon lawful order of the court it was found that there was probable cause of unlawful activities in money laundering (AMLA).The corporation also submitted in evidence records of the officers‘ U.S. Dollar deposits in several banks in the Philippines. For their part, the officers alleged that their bank deposits were illegally disclosed. WERE THEIR BANK DEPOSITS ILLEGALLY DISCLOSED IN THIS CASE?
a. Yes, because the provisions of the Secrecy of Bank Deposits Law (R.A. No. 1405) are applicable to FCDU accounts.
b. Yes, because under the Foreign Currency Deposit act it can only be disclosed through the written permission of the depositor.
c. No, because it can be disclosed through the order of the competent court in case of a probable cause (on unlawful activity) of money laundering under the Secrecy of Bank Deposits Law (RA No.1405)
d. No, because the Foreign Currency Deposit Act (R.A. No. 6426), including its punitive provisions, refers to foreign currency deposits accounts constituted within the Philippines.
3. Can a rehabilitation court compel a lender to accept a 50% reduction in the borrower’s principal obligation? Would that violate the non-impairment of contracts clause of the Constitution?
a. The non-impairment clause does not apply when what is involved is a law or an executive issuance declaring the modification of the contract among debtor, its creditors and its accommodation mortgagors.
b. No. The non-impairment clause must not yield to the police power of the State.
c. It depends. It is up to the courts to determine whether there has been violation of the law.
d. No. Section 10, Article III of the Constitution mandates that no law impairing the obligations of contract shall be passed.
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