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Brazen heist of over US$80m puts focus on the Philippines

Stolen from Bangladesh's account at New York Fed, money disappears after transfer to murky Manila banking system
Friday, March 18, 2016 - 05:50

The City of Dreams Manila casino resort. The money appears to have jumped from Philippine banks to the country's lightly regulated casinos and then to points unknown. The Philippines also reportedly has some of the world's toughest bank secrecy laws, impeding investigations.


IT is a financial whodunit for the digital era: more than US$80 million of Bangladesh's money vanished last month after it was electronically transferred out of that country's account at the Federal Reserve Bank of New York.

As officials around the world search for the money

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