HALISTER1: Philippines Not Obliged to Return Money to Bangladesh: Osmena

Philippines Not Obliged to Return Money to Bangladesh: Osmena

(Bloomberg) -- Philippines must resolve case of $81m stolen funds from Bangladesh that found its way to Philippine financial system even as Southeast Asian nation isn’t obliged to return money, Senator Serge Osmena says in interview with ABS-CBN News Channel.
  • Philippines must plug loopholes in its anti-money laundering law
  • Bangladesh rejected Philrem’s offer to retun 10m pesos
  • Senate to probe activities of traders being linked to case
  • Anti-money laundering law is being used by launderers to protect themselves
  • Rizal Bank manager may be liable for oversight in operations, lender may be liable for transactions in spite of good rules: Osmena
  • NOTE: Rizal Bank Counters Claims Over Bangladesh’s Stolen $81 Million Link
  • NOTE: How $81 Million Slipped Through Philippine Cracks: Timeline Link
  • NOTE: Any Philippine Bank Found Erring in Heist to Be Accountable: BSP Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RCB PM (Rizal Commercial Banking Corp)

People
Serge Osmena ((PHL)Senate)

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