THE globally publicized US$81-million money-laundering scandal has created an international embarrassment for us and the Philippines. The least the Philippine Government can do now is to return the money as fast possible without legal complications. Bangladesh has expressed concerns that the return of the money stolen by hackers from its central bank – which found its way into a local bank, and then was transferred to local casinos – could be delayed. Bangladeshi Ambassador John Gomes told a local daily of his hope that by April or May the money could be returned since most of it has been accounted for. He was specifically concerned about “delays that could be avoided,” considering the long legal process involved in forfeiture cases.Under existing laws, the Anti-Money Laundering Council has to file a civil forfeiture case and secure a court order before the government can turn over to Bangladesh the recovered funds. The Bangladesh government, in turn, has to formally intervene in the case and claim ownership of the money so that the court can order the return of the funds to it. That is the advice we have received from our Ambassador in Philippines. But this aspect needs to be legally examined from our end. The Department of Justice (DOJ) assured the Bangladeshi Ambassador that the money stolen by hackers from the Bangladesh Bank will be returned to its government as soon as possible but procedures have to be followed. Otherwise, the money will be declared a property of the Philippines. According to Ambassador Gomes, the Embassy, on behalf of the Bangladesh government, is submitting the papers to formally claim the surrendered and confiscated amounts as well as the remaining funds believed to be still in the country. We cannot believe that the money so stolen through computer hacking from the Federal Reserve Bank of New York is so clearly admitted that it should require lengthy legal proceedings if our relationship with Philippines is strong and friendly. Our Ambassador told us what he was advised in Philippines. It cannot be true that Bangladesh has not formally claimed the money. Our own view is that Bangladesh should act in conjunction with Federal Reserve Bank of New York. There is nothing to prove that the money belongs to Bangladesh. If the formality is to lodging a claim, the claim must have been made with concerned authorities in Philippines.Our fear is that court proceedings could not be as simple as filing a claim in court on behalf of Bangladesh. We are also not sure that the matter is expertly handled. The Federal Reserve Bank of New York should be our most effective partner in securing the stolen money back.
