Filipino bank calls for closed-door hearings on $81m money laundering scam
01 Apr 2016

Metro Manila  When a whopping $81 million in illicit funds was transferred from the Bangladesh Bank to the Jupiter branch of the Rizal Commercial Banking Corporation (RCBC), it first appeared to be an isolated case with only a small branch of one Philippine bank involved.

“Unfortunately for us, it has become a global spectacle,” Bankers Association of the Philippines (BAP) representative Roberto De Ocampo said in a statement on Thursday (March 31), amid fears that local banks with remittance operations abroad might be forced to close due to the money laundering issue.

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