HALISTER1: Philippines’ SEC Chairman Expects Recovery in Some Stolen Funds

Philippines’ SEC Chairman Expects Recovery in Some Stolen Funds

(Bloomberg) -- Portion of funds allegedly stolen from Bangladesh Bank and entered Philippine financial system will be recovered, SEC Chairman Teresita Herbosa tells reporters in Manila, declining to say how much can be returned.
  • NOTE: Bangladesh Slams ‘Incompetent’ Central Bank After Account Hacked; $20m of stolen funds recovered, $81m outstanding Link
  • Asked whether Anti-Money Laundering Council preparing charges for violation of law against dirty money, Herbosa says yes, declining to provide specific details
  • “That’s always part and parcel of any investigation; if some unlawful activity has arisen, the proper govt agency or agencies should determine who will be held liable”
  • NOTE: Philippines Prepares Charges in Bangladesh Bank Acct Case: WSJ Link
--With assistance from Cecilia Yap in Manila.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Teresita Herbosa ((PHL)Securities & Exch Cmmn)

To de-activate this alert, click here

UUID: 7947283