BB dollars recovered
Taking lessons
from the BB heist our bank security experts will have
to be more
vigilant while
going for more
technologically sound and secured advanced options
The Bangladesh Bank (BB) cyber heist that snatched away some $101million from its account with the Federal Bank of New York, earlier this year was an eye-opener to the confirmed weaknesses in the security systems of our Central Bank. No sooner had the shocker had unfolded, our bank authority had engaged a group of international cyber security experts to track down the perpetrators besides recovering the huge fund stolen. However, the good news is - part of the stolen fund which was traced to be transferred in the Philippines has been retrieved. The exact amount recovered there is reported to have been $ 15.25 million. Officials in Manila have handed over $15 million of the stolen funds to the Bangladesh Bank Deputy Governor which was duly received by the Bangladesh ambassador in Manila. It is now under process to be deposited at the Bangladesh Bank account with the New Yorks Federal bank.
The recovery in Manila shows promise to gradually recover the entire stolen amount by the systematic coordinated process. Nevertheless, we expect our BB authority and foreign missions abroad to work in full co-operation so as to effectively retrieve the rest of the stolen funds from other countries. What appeared smooth in terms of recovering funds in Manila may not be very easy in other countries. Ranging from bureaucratic red tape, bilateral relations to international cooperation, all these vary from one country to another. Its here where our diplomats, given the gravity of the issue, may have to run the extra mile.
Not to forget, the recuperation would have been impossible if funds were transferred to nations unreceptive to Bangladesh. Moreover, taking lessons from the BB heist our bank security experts will have to be more vigilant while going for more technologically sound and secured advanced options.
On the one hand, the scam points to the increasing risks that banks connected to the SWIFT system are exposed to as a result of the security vulnerabilities of other member banks, while on the other, the failure of our government to build sufficient safeguards for its financial system became the starting point for a global, multi-million money laundering scheme whose effect was felt beyond the countrys borders. So the scams far-reaching impacts in the global banking system, in all capacities, were taken seriously by the international banking community. However, we believe like the Philippines government and Sri Lanka, where some $20 million of the stolen fund was diverted, too would come forward to cooperate with Bangladesh.
Lastly, its not only about the recovery of funds, but as much to do with the criminal syndicate involved with the BB heist. They should be identified while handed with exemplary punishments.
