Former Bangladesh Bank chief blames global system for theft

Dhaka

THE former governor of Bangladesh's central bank, from which US$81 million was stolen in February, said that flaws in the global money transfer system - and not any misstep by him - are to blame for the brazen heist.

In an interview this week at his home in a well-to-do neighbourhood in the Bangladeshi capital, Dhaka, Atiur Rahman - who resigned from his post after the theft - said that the loss had been a "systemic failure" and that "Bangladesh should not be blamed for something going wrong in the chain". In particular, he blamed the Federal Reserve Bank of New York, where Bangladesh's central bank had placed the money.

"If you want to take US$500 out of your account in the US, you'll be asked several questions," Mr Rahman said. …