Process on to get back $15m in the Philippines
An "execution suit" was filed with a Philippines court to get back $15 million of the Bangladesh Bank's reserve heist money.
"The suit was filed by the Philippines Department of Justice on behalf of the authorities representing Bangladesh central bank in the Philippines. It is a part of the process to get back the recovered money of $15 million," Suvankar Saha, executive director and spokesman for Bangladesh Bank, told UNB.
On October 19, a Philippines court ordered Banko Sentral ng Philipinas, the central bank of the country, to return about $15.25 million to Bangladesh.
The $15.25 million was a portion of the money which was recovered after being stolen from Bangladesh Bank's reserve account and ended up in the South-east Asian country.
The Philippines court released the verdict after hearing an appeal in the case filed by the Department of Justice (DoJ) in the Philippines.
A total of $81 million stolen by international cyber hackers from Bangladesh Bank's treasury account with the Federal Reserve Bank of New York on February 5 is thought to have ended up in the Philippines, although only $15.25 million of that amount could be traced.
The remaining amount, or at least some portion of it, is believed to have made its way into the country's casino and gaming industry, which is not covered by its anti-money laundering laws.
After an investigation, Anti-Money Laundering Council (AMLC) of the Philippines charged Philipino businessman Kim Wong for his involvement in the money laundering incident.
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