PHL tells Bangladesh legal process must be followed in regaining stolen funds

The Philippine government has assured Dhaka of "100 percent support" in regaining the money stolen from the Bangladesh Bank account at the Federal Bank of New York, but  emphasized that legal procedures must be followed in returning the funds, the Department of Finance (DOF) said Wednesday.

The money – some $81 million – was wire transferred to fictitious deposit accounts at the Jupiter branch of Rizal Commercial Banking Corp. in Makati City early this year before the funds were transferred to casinos and junket operators.

During a meeting in Makati City, Finance Secretary Carlos Dominguez III told Bangladesh Ambassador to the Philippines John Gomes "... the Philippine government, including the central bank, the DOJ (Department of Justice), DFA (Department of Foreign Affairs), and the AMLC (Anti-Money Laundering Council) are 100 percent behind them."

"We want to assure you that we will do everything that we can to assist you,” the Finance Department said in a statement quoting Dominguez.

The immediate objective is for Bangladesh to recover $15 million, which the Regional Trial Court (RTC) of Manila forfeited on July 7 – subject to any claim that may be filed by any interested party – and ordered kept in the vault of the Bangko Sentral ng Pilipinas (BSP).
 
“We have, however, a legal system that has to be respected and this system has to be followed so that whatever claim you are awarded, nobody can challenge that in the future," Dominguez said.
 
The $15 million came in two batches – the first totaling $4.63 million and the other P488,280,000 or $10.61 million – turned over by casino junket operator Kim Wong to the AMLC in the course of a Senate investigation into the Bangladesh cyber heist and money laundering scheme.

DOJ Chief State Counsel Ricardo Paras III, who was also in the meeting, was quoted as saying P107.35 million of the stolen fund, equivalent to $2.3 million, was voluntarily frozen by Bloomberry Resorts and Hotels Inc. – the operator of Solaire Resort and Casino.

It could go through the same legal procedures undertaken by the DOJ in returning the $15 million in favor of the Bangladesh government, Paras said.
 
Dominguez said another target of the immediate recovery effort is $17 million, which, according to the Bangladesh ambassador, has been pinpointed during the Senate probe to be with the remittance firm PhilRem Service Corp.
 
"The immediate objective right now is … the $15 million plus the $2 million. We can assist you 100 percent on that," he told Gomes.

"The AMLC, as they mentioned, is continuing the investigation for whatever balance there is. Maybe there’s another $17 million, but we’re going to continue seeking that and hopefully recovering that on your behalf," he added.

Bangladesh Finance Minister Abul Maal Abdul Muhith is coming Manila on September 28 to 29, according to the ambassador.

Gomes said his government has formally requested for meetings with Dominguez, as well as the Secretary of Justice, the BSP Governor, the AMLC chief, and the Senate President. — Ted Cordero/VDS, GMA News