Right-Wing Senators Block Third Push to Lift Bank Secrecy, Bill Sent to Mixed Commission

El Ciudadano

Original article: Por tercera vez: Derecha en el Senado bloquea levantamiento del secreto bancario y proyecto pasa a Comisión Mixta

For the third time, right-wing senators blocked the approval of a bill that would allow the lifting of bank secrecy through administrative means, without judicial authorization.

As occurred in the previous two votes, the initiative resulted in a tie with 24 votes in favor and 24 against. Consequently, the project, which aims to establish the Economic Intelligence Subsystem containing this regulation, has now been referred to a Mixed Commission where senators and deputies must resolve the discrepancies.

It’s important to note that this proposal is designed to detect money laundering and illegal financing; improve information sharing between Internal Revenue, Customs, and the Financial Analysis Unit; and enhance money traceability. For detailed information on this project, check the Senate’s announcement here.

Senators’ voting on the lifting of bank secrecy. Matías Walker (Democrats) and Ximena Órdenes (Ind-PPD) were absent from the vote, both having supported the initiative in previous rounds.

Reactions

Following the announcement, immediate reactions emerged within the political sphere. From the Communist Party, Deputy Irací Hassler remarked, «Once again, the right blocks lifting bank secrecy to investigate money from drug trafficking and organized crime. There’s a lot of discussion about security, but when it comes to pursuing criminal profits, they vote against it.»

«Crime cannot be fought with slogans: it requires effective tools,» emphasized the PC legislator.

From the same political group, Senator Daniel Núñez stated, «The narcos and the Tren de Aragua are celebrating. The Senate has once again blocked the lifting of bank secrecy, a key tool for tracking dirty money. A tie of 24 votes forces us to go to a mixed commission. The battle against organized crime continues.»

Meanwhile, Liberal Senator Vlado Mirosevic questioned, «Why is it acceptable in the U.S., Denmark, France, or Spain but not in Chile? The bank secrecy regulation has been rejected yet again after a third tie. It’s unfortunate.»

From the Socialist Party, Deputy Juan Santana reminded, «This week we learned that a network linked to the Tren de Aragua allegedly laundered millions of dollars through the Chilean financial system, including the involvement of banking executives. And still, it was rejected. Who voted against it? The ruling party and the Kast government.»

«It’s hard to understand who they are protecting. Today, organized crime is celebrating,» added the PS parliamentarian.

Senator Fabiola Campillai posed a straightforward question: «What is the right hiding that they reject lifting bank secrecy whenever possible?»

Finally, from the Broad Front, Deputy Javiera Morales called it «a disgrace that the entire right in the Senate voted against lifting bank secrecy, resulting in a tie,» while also criticizing Senator Matías Walker for being absent without pairing.

The legislature from Magallanes highlighted that this is «a key regulation to stop the advance of organized crime. With Operation Tokio, it became clear that they are banked and it’s no longer about suitcases full of cash,» reiterating that this law «does not authorize the arbitrary lifting of bank secrecy, but only exceptionally when suspicious operations of companies, public officials, or individuals reported by banks exist.»

In a similar vein, Deputy Lorena Fries, also from the FA, questioned the right’s stance, saying, «They claim that security is their priority, yet they reject a key tool for tracing money and combating organized crime. Was their commitment to security just a metaphor?»