HALISTER1: Philippines Seeks Help From China, FBI on $81m Heist Probe

Philippines Seeks Help From China, FBI on $81m Heist Probe

(Bloomberg) -- Anti-Money Laundering Council has sought assistance from Chinese embassy and police, Federal Bureau of Investigation on its probe of $81m stolen funds from Bangladesh, council member Emmanuel Dooc says at briefing in Manila.
  • Council to submit draft bill on possible changes to law against dirty money, President Benigno Aquino willing to certify bill as urgent
  • Philippines must relax its bank secrecy law since it’s an obstacle to anti-money laundering initiatives, lifting it would be better, says Dooc, who is also Insurance Commissioner
  • Council to ask lawmakers to shorten to 5 days from 10 days the deadline for reporting of suspicious transactions
  • To seek expansion of covered institutions to include casino, real estate, art and jewelries
  • Nation must strengthen council’s authority to freeze bank accounts
  • NOTE: Rizal Bank Issues Apology for Staff Involvement in Laundering Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Benigno Aquino (Republic of the Philippines)

To de-activate this alert, click here

UUID: 7947283