Philippines tightens AML laws after $81M Bangladeshi bank heist

The Philippine government is attempting to plug the loopholes that allowed $81 million of heisted money to pass through the country’s banks and casinos.

On Tuesday, the Department of Finance announced that it has initiated the process to strengthen the anti-money laundering and bank secrecy laws in the country, starting with a draft bill that will include casinos to the list of entities covered by the Anti-Money Laundering Act.

The bill was submitted to the Congress, according to the department.

If you’re just joining us, February saw hackers steal $101 million from Bangladeshi bank accounts in New York, of which $81 million was transferred to a branch of Rizal Commercial Banking Corporation in Manila. From there, the money was reportedly withdrawn through remittance firm Philrem Services Inc before it was funneled through the local casino industry by two Chinese junket operators.