DoF chief: Govt firm on cyberheist position
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 07 Jan 2019 16:27:19 +0000
The government will not involve itself in a case between the Bangladesh central bank and a local lender involved in an $81-million cyberheist that occurred almost three years ago, a Cabinet official said.
The Bangladesh Bank, which has yet to recover the entire amount, is now reportedly in final preparations to file cases against Rizal Commercial Banking Corp. (RCBC), which handled transfers to fictitious accounts in Manila.
Unidentified hackers stole $81 million in February 2016 from the Bangladesh central bank’s account with the US Federal Reserve in New York. The money was transferred to an RCBC branch, quickly withdrawn and laundered through local casinos.
Bangladesh has recovered just around $15 million and officials of both institutions have traded threats of lawsuits amid reports of a possible out of court settlement. Last year, RCBC President Gil Buenaventura rejected talk of a deal, saying the Yuchengco-owned bank had also been “victimized.”
“Our position is unchanged,” Finance Secretary Carlos Dominguez 3rd told reporters in a message, reiterating an earlier statement that the government had already played its part on the case when it sanctioned RCBC, and charged the suspects.
In August 2016, the Bangko Sentral ng Pilipinas imposed a P1-billion fine on RCBC for non-compliance with banking laws and regulations in connection with the multimillion-dollar heist.
For its part, the Anti-Money Laundering Council filed cases against RCBC officials.
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