HALISTER1: Philippine Money-Laundering Event Isolated Case, de Ocampo Says

Philippine Money-Laundering Event Isolated Case, de Ocampo Says

(Bloomberg) -- Money-laundering issue started outside and appears to be largely limited to one branch of one bank, former Finance Secretary and Philippine Veterans Bank Chairman Roberto de Ocampo says in e-mailed statement.
  • $81m cyber heist involving Rizal Bank branch has become global spectacle; unintended consequences starting to emerge because of Senate probe, which is aired live on TV
  • Philippine banks’ remittances operations overseas experience tighter scrutiny from partner foreign banks
  • Govt must dig deeper but spare institutions and nation, which has shown tremendous growth potential in past yrs
  • De Ocampo says Senate investigation should be held behind closed doors
  • NOTE: Philippine Man in $81 Million Heist to Return Portion of Funds Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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RCB PM (Rizal Commercial Banking Corp)

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Roberto De Ocampo (Philippine Veterans Bank)

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