epa05212149 Rizal Commercial Banking Corporation (RCBC) Branch Manager Maia Santos Deguito takes her oath during the Senate hearing at the Senate building in Pasay city, south of Manila, Philippines, 15 March 2016. The Philippine Senate started its inquiry into the alleged 100 million US dollars worth of illegal funds coursed through the banking system and casinos in the Philippines. According to reports, the suspected illicit funds were supposedly part of millions of dollars hacked from the overseas accounts of the central bank of Bangladesh. 81 million US dollars from the account of the Bangladesh Bank was transferred by the US Federal Reserve Bank of New York to the RCBC in the Philippines while the 20 million US dollars wire transfer to Sri Lanka was foiled. In a series of banking transactions, the suspected illicit funds in RCBC were then withdrawn and remitted to offshore accounts after these were moved through local casinos. The Philippine government, through the Anti-Money Laundering Council, the Philippine Amusement and Gaming Corp. (Pagcor) and the National Bureau of Investigation, is likewise investigating all related accounts. EPA/MARK R. CRISTINO
MANILA: When mystery hackers launched a stunning raid on Bangladesh’s foreign reserves, a plot worthy of a John le Carre spy novel was sparked in the Philippines, exposing the South-East Asian nation as a dirty money haven.
The US$81mil (RM328.80mil) stolen from the Bangladesh central bank’s American accounts last month was immediately sent via electronic transfer to the Philippines, with the thieves deliberately targeting their laundering location.
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