i-law

Money Laundering Bulletin

Central Bank theft – casino repercussions: the Philippines

The theft in February this year of $101m from the Bangladesh central bank account at the Federal Reserve Bank of New York in an audacious hack of SWIFT codes saw funds flow to casino accounts at Rizal Commercial Banking Corporation in the Philippines. The administration of President Duterte in Manila is under pressure to act but there are reasons to stall, finds Jens Kastner.

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