Some of $81m BB money to be recovered, says Filipino SEC chief

Special Correspondent :  A high official of the Philippines says authorities will be able to get back at least some of the money illegally taken from the Bangladesh Bank’s account at the Federal Reserve of New York. A story run by ABS-CBN News from Manila on Monday quoted the chairperson of the Filipino securities and exchange commission (SEC), Teresita Herbosa, as having expressed such confidence.

The money laundered from the BB account was reportedly funneled into various accounts at local banks and casinos in Manila.

“I’m sure somehow, some of it will be recovered,” Herbosa was quoted to have said. Herbosa is also a member of the anti-money laundering council (AMLC).According to the report, she was tight-lipped about the investigation into the alleged money laundering.

She just said she didn’t want to pre-empt the Senate hearing on the issue scheduled for Tuesday, read the ABS-CBN News story.The SEC chief still said the incident should be a “good stimulus” to prompt legislators to strengthen the anti-money laundering act (AMLA), like adding certain groups or individuals, such as casinos, as covered institutions.

ABS-CBN News said casinos were left out of the list, when Congress approved amendments in 2013. Back then, there was heavy lobbying from casinos to be excluded from the list. It was then argued that the industry which was in its infancy stage, could take a hit, the report added.

“I’m sure they’ll be considered for the next round of amendments. That’s (money laundering scandal) a very good stimulus for everyone to seriously consider who should, or should not be considered,” Herbosa was quoted to have said.

She said she isn’t aware of any communication from the Financial Action Task Force (FATF) ever since news about the heist broke out.FATF is the global inter-governmental body that develops, promotes policies to combat money laundering and terrorist financing. The next meeting is scheduled to be held in July.

Herbosa, however, is not worried the recent scandal will hurt the Philippines’ rating and image.