Kazi Zahidul Hasan :
Bangladesh Bank (BB) is betting high hope to retrieve the $81 million stolen from its account maintained with the New York Federal Reserve Bank and later channeled through the Philippines banking system, officials said.
The BB high-ups led by Governor Fazle Kabir on Thursday held a meeting with the Foreign Minister AH Mahmood Ali to discuss the progress of retrieving the stolen fund from the Philippines.
The meeting also discussed the ways of expediting the process of the recovery of the heist fund.
“We are betting high hope to recover the heist fund from Philippines after getting all-out cooperation from the Philippines and New York Fed authorities,” a senior BB official told The New Nation on Friday.
He said, the government of Bangladesh has already launched a ‘coordinated effort’ to negotiate the matter with the Filipino government.
“Our embassy in Manila is working sincerely for getting back the stolen BB fund,” he said,
adding that the Philippine government’s investigation is near to end as it could trace the whereabouts of the stolen money.
The BB official said that the Philippines authorities recovered $15.25 million, portion of $81 million laundered fund. It will be deposited in the BB account with the New York Fed by November 24. A BB team is now in Manila to complete the process.
“The Filipino authorities have already traced an additional $38 million of the fund. The fund is expected to be recovered from a Philippine casino, money exchange house and some other businesses which were involved with transferring the laundered money,” he added.
The BB official mentioned that assets of these organisations had already been frozen by the Philippine authorities and process is underway to get their assets forfeited for return of the fund to Bangladesh central bank.
“If any found goes missing will be recovered from Rizal Commercial Banking Corporation (RCBC) of the Philippines as the bank was responsible in transferring the $81 million BB’s heist fund,” he noted.
In August this year, Philippine central bank Bangko Sentral ng Pilipinas (BSP) imposed the RCBC a fine of one billion pesos ($21 million) for committing the crime.
When asked, the BB official said, “We are confident the entire heist fund will be recovered from the Philippines through legal procedures. It’s a matter of time”.
Bangladesh Bank (BB) is betting high hope to retrieve the $81 million stolen from its account maintained with the New York Federal Reserve Bank and later channeled through the Philippines banking system, officials said.
The BB high-ups led by Governor Fazle Kabir on Thursday held a meeting with the Foreign Minister AH Mahmood Ali to discuss the progress of retrieving the stolen fund from the Philippines.
The meeting also discussed the ways of expediting the process of the recovery of the heist fund.
“We are betting high hope to recover the heist fund from Philippines after getting all-out cooperation from the Philippines and New York Fed authorities,” a senior BB official told The New Nation on Friday.
He said, the government of Bangladesh has already launched a ‘coordinated effort’ to negotiate the matter with the Filipino government.
“Our embassy in Manila is working sincerely for getting back the stolen BB fund,” he said,
adding that the Philippine government’s investigation is near to end as it could trace the whereabouts of the stolen money.
The BB official said that the Philippines authorities recovered $15.25 million, portion of $81 million laundered fund. It will be deposited in the BB account with the New York Fed by November 24. A BB team is now in Manila to complete the process.
“The Filipino authorities have already traced an additional $38 million of the fund. The fund is expected to be recovered from a Philippine casino, money exchange house and some other businesses which were involved with transferring the laundered money,” he added.
The BB official mentioned that assets of these organisations had already been frozen by the Philippine authorities and process is underway to get their assets forfeited for return of the fund to Bangladesh central bank.
“If any found goes missing will be recovered from Rizal Commercial Banking Corporation (RCBC) of the Philippines as the bank was responsible in transferring the $81 million BB’s heist fund,” he noted.
In August this year, Philippine central bank Bangko Sentral ng Pilipinas (BSP) imposed the RCBC a fine of one billion pesos ($21 million) for committing the crime.
When asked, the BB official said, “We are confident the entire heist fund will be recovered from the Philippines through legal procedures. It’s a matter of time”.
