3rd October 2016
THE Philippines might be blacklisted by the Financial Action Task Force (FATF) if  the  country fails to  include casinos in the  coverage of the Anti-Money Laundering  Act  (AMLA). Julia Abad-Bacay, executive director of the Anti-Money Laundering  Council (AMLC), issued this warning after attending the budget hearing of the Senate committee… Read More
26th September 2016
The money-laundering threat in the country has been classified as “high,” with the threat posed by drug trafficking rated the highest among predicate crimes, a government report showed. According to “The 1st National Risk Assessment on Money Laundering and Terrorism Financing” report posted on the Anti-Money Laundering Council’s (AMLC) website,… Read More
11th September 2016
The Philippines’ department of justice has ended primary investigation in the cyber highest of the largest-ever amount of money Bangladesh Bank account of New York Federal reserve. At least 81 million dollars of the stolen money was en-cashed in Manila. The Daily Inquirer reported that the probe was related to… Read More
11th September 2016
The central bank on Monday said the involvement of a local bank and a remittance firm in the $81-million Bangladesh Bank heist could have been prevented if monetary authorities had supervisory powers over money service businesses (MSB) and were allowed by law to look into bank accounts. “Earlier Mr. Senator… Read More
8th September 2016
Seven months after $81-million of its funds was stolen in a cross-border money laundering scheme in February, Bangladesh has taken the first legal step to claim at least $15 million. On behalf of Dhaka, the Department of Justice (DOJ) has filed for claims to have the money returned to Bangladesh. Read More
10th August 2016
Rizal Commercial Banking Corp (RCBC) officials say they have preserved ties with major U.S. banks despite the use of one of its branches in Manila by cyber criminals to funnel $81 million stolen from the Bangladesh central bank’s account at the Federal Reserve Bank of New York. The money was… Read More
9th August 2016
A high-level delegation from Bangladesh will arrive next month seeking to recover the $81 million laundered in the Philippines. Read More
8th August 2016
President Rodrigo Duterte of the Philippines launched a purge of the ranks of politicians, judiciary and the armed forces Sunday by publicly announcing names of over 150 people he accused of being involved in illegal drug-related corruption. Duterte gave the people he named 24 hours to turn themselves in to… Read More
8th August 2016
THE IMPOSITION of a P1-billion penalty on Rizal Commercial Banking Corp. (RCBC)―the largest fine ever imposed by a regulator in local banking history―bolsters the argument the transfer of $81 million in funds stolen from the Bangladeshi central bank was facilitated at the RCBC head office and not at the branch… Read More
5th August 2016
Banking regulators on Friday imposed the single biggest monetary penalty on an erring financial institution in the country’s history, slapping the Yuchengco family-controlled Rizal Commercial Banking Corp. (RCBC) with a P1-billion fine in the wake of the Bangladesh Bank cyberheist. In a statement issued late Friday, the Bangko Sentral ng Pilipinas… Read More