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
Manila
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 and place blame, the caper is highlighting what looks like a weak point in the global financial system that allowed the money to get by regulators: the murky banking system of the Philippines.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea