MANILA – Philippine Finance Secretary Carlos Dominguez said in a statement today that the Philippines has asked Bangladesh for the results of its investigation into a $81 million cyber heist as it commits to help the Bangladesh central bank recover stolen reserves.
Philippine officials metÂ last week with a high-level delegation from Bangladesh, led by Anisul Huq, the south Asian nationâ€™s Minister of justice. The delegation thanked the Philippine government for helping in the return of $15 million of the funds stolenÂ by hackers in FebruaryÂ from the Bangladesh Bank, and which found its way to the Philippines, the Department of Finance said in a statement.
The hackers stole $81 million from Bangladesh Bankâ€™s account at the Federal Reserve Bank of New York, which said instructions to make the payments were authenticated by the SWIFT message system, widely used by financial institutions. The episode highlighted vulnerable links in the payment network underlying the global financial system.
Dominguez said the government will continue to help recover the rest of the funds following processes required under Philippine laws. At the meeting, Philippine officials asked that Bangladesh share with the Department of Justice and the Anti-Money Laundering Council the results of its investigation into the heist.
â€œThere were certain judicial processes . . . that you had to go through to make sure that there would be no challenge to your taking the funds,â€ Dominguez was quoted as telling the Bangladesh delegation. â€œWe are pursuing lawsuits on your behalf, actually, as vigorously as we can.â€
Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla asked Bangladesh officials for a full report on the investigation to strengthen the Philippine governmentâ€™s position on behalf of Bangladesh in the court proceedings, the Department of Finance said in the statement. The Bangladesh officials have committed to sending updates on the probe, it said.
By Cecilia Yap | Bloomberg
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