Philippine watchdog preps civil forfeiture cases to recover heist loot

Philippine dirty money watchdog Anti-Money Laundering Council (AMLC) is stepping up its hunt to recover the $81 million stolen from Bangladesh in February.

Julia Bacay-Abad, executive director of the state watchdog, told Manila-based reporters that their financial intelligence unit is readying the next step in its Bangladeshi loot recoup effort: filing civil forfeiture cases against remittance firm PhilRem Service Corp. as well as assets owned by the junket players at the casino which ended up with the money.

BusinessWorld quoted Bacay-Abad, who said that the investigation involves properties that can be subjected to forfeiture.

“As far as the criminal cases are concerned, we have filed the cases,” Bacay-Abad said, according to the news outlet.