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Question 7

2023 Bar · Mercantile Law · 1 sub-question

7. Jacinto, the Governor of Sorsogon, maintains United States (US) dollar deposits in various offshore banks at the Cayman Islands, British Virgin Islands, and Switzerland. In an exposé by Balita Magazine called “Pandora Papers”, the writer detailed the offshore deposits of Jacinto amounting to US$60 million as well as his other investments and holding companies. Aggrieved, Jacinto filed a criminal complaint against Balita Magazine for violation of bank secrecy laws, alleging that his US dollar bank deposits were illegally disclosed even though they were neither involved in any civil or criminal case against him nor subjected to any investigation by the Anti-Money Laundering Council. Will the complaint of Jacinto prosper? Discuss your answer.

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