Cross-border money laundering puts Philippine system at risk

Manila

THE Philippines' financial system is facing a risk because of the US$81 million that was stolen by hackers from the New York Fed account of Bangladesh's central bank and then transferred to Manila, the country's central bank governor said on Friday.

"If you look at the behaviour of the financial markets over the last several days, there has been no indication that there is a negative impact. But we have to recognise there is a risk," Amando Tetangco told reporters.