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Bangladesh heist exposes Philippine dirty money secrets
http://atimes.com/2016/03/bangladesh-heist-exposes-philippine-dirty-money-secrets/Bangladesh heist exposes Philippine dirty money secrets
By AT Editor on March 20, 2016
(From AFP)
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 Southeast Asian nation as a dirty money haven.
The $81 million stolen from the Bangladesh central bank’s American accounts last month was immediately sent via electronic transfer to the Philippines’ RCBC bank, with the thieves deliberately targeting their laundering location.
The Philippines has some of the world’s strictest bank secrecy laws to protect account holders, while its casinos are exempt from rules altogether aimed at preventing money laundering.
“The Philippines is very attractive (for dirty money) because our laws have gaping holes. It’s easy to launder money here,” Senator Sergio Osmena, who is pushing for stronger anti-money laundering laws, said.
