PHL Senate ends inquiry over Bangladeshi heist despite progress in investigation

The Philippine Senate’s investigation into the $81 million stolen from Bangladeshi central bank accounts and funneled through local casino operators came to an abrupt stop after two of the senators leading the inquiry lost their re-election campaigns.

Lawmakers announced on Thursday that they wrapping up the inquiry despite the progress they have made into the investigation, which saw casino junket operator Kam Sin “Kim” Wong turn in some PHP450 million (US$9.54 million) several weeks ago.

Committee chairman Teofisto D. Guingona III, who lost his senate seat in the recently held elections, told local reports that the lawmakers only needed “to draft its recommended changes to the laws covering bank deposits,” particularly the country’s anti-money laundering law, bank secrecy law, and the foreign currency deposits law.

The committee is expected to draft its report in the coming days, which Guingona said will be forwarded to the new set of lawmakers when the next congressional session opens.