Categories: FinanceNews

Filipino President Vows To Retrieve Funds From Bangladesh Bank Heist

More details are being made public regarding the Bangladesh central bank heist through the Swift network a few months ago. As it turns out, the funds have made its way through Manila bank accounts. However, the president of The Philippines has vowed he will do everything he can to make sure the US$81m is returned to its rightful owners.

Another Plot Twist For The Bangladesh Central Bank Heist

Efforts to recover the money stolen from the Bangladesh central bank account a few months ago have been underway for quite some time now. So far, their efforts have not been leading to anything significant, albeit one of the bank’s teams is working on getting back US$15m of the stolen funds.

In total, US$18m of the US$81m stolen is accounted for and currently sits in bank accounts frozen by the casino regulator of The Philippines. For those who are unaware, this heist was funneled through several Filipino casinos along the way, yet they thieves were unable to get all of the funds out again in time.

Getting back US$15m of those US$18m is a bigger challenge than originally anticipated, though. The Filipino Department of Justice asked the Bangladesh Bank to file a legal document so they can take their claim of owning this funds. However, the remainder of funds kept by casinos will have to be pursued through different means.

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At the same time, it is positive to see the Filipino President vowing he will do everything in his power to make sure all of the money is returned to the Bangladesh Bank. With US$18m within reach already, a first step is taken towards achieving that goal. When political heavyweights start throwing their weight around, a solution may be achieved sooner than expected.

For now, it is anybody’s guess as to if and when this situation will be resolved anytime soon. The Bangladesh Bank heist has brought a lot of negative attention to the financial world, and there are still a lot of questions that need to be answered. But it is good to see some political commitment to solving this issue sooner rather than later.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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