Bangladesh Bank heist exposes Philippine dirty money secrets
the Inquirer
When mystery hackers launched a stunning raid on Bangladeshs 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, reports the Inquirer, a Manila-based news portal, yesterday. The $81 million stolen from the Bangladesh central banks American accounts last month was immediately sent via electronic transfer to the Philippines, with the thieves deliberately targeting their laundering location.
The Philippines has some of the worlds 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. Its easy to launder money here, Senator Sergio Osmea, who is pushing for stronger anti-money laundering laws, told AFP. Still, if the thieves were to get away with their audacious heist, the money had to be moved quickly through the banking system and into the casinos. Authorities took four days to order a recall of the money.
But by then it had vanished leaving in its place a tale of death threats, bribes, shady business figures and a bank manager who could be the villain or a victim. I did not do anything wrong. If this is a nightmare, I want to wake up now, the manager, Maia Deguito, told ABS-CBN television this week after authorities stopped her at Manila airport from trying to leave the country. With authorities in Bangladesh and elsewhere bamboozled over who masterminded the cyber-heist, Deguitos role as manager of the bank that accepted and shifted the money has come under intense scrutiny.
She has accused the banks president, Lorenzo Tan, of ordering her to move the money. He has fiercely denied the accusations.
