Gov't not involved in possible RCBC, Bangladesh Bank deal: Dominguez

Michelle Ong, ABS-CBN News

Posted at May 04 2018 10:49 AM | Updated as of May 04 2018 02:35 PM

MANILA - A possible out of court settlement between the central bank of Bangladesh and Rizal Commercial Banking Corp over an $81-million cyber theft will not involve the Philippine government, Finance Secretary Carlos Dominguez said Friday.

Bangladesh Bank is "open" to a settlement, Reuters reported Thursday, quoting a senior official of the bank. Dhaka has not fully recovered the money that was stolen from its account with the Federal Reserve in New York and shifted to RCBC in February 2016.

"My opinion is that this is between them and the private sector, nothing to do with us," Dominguez told reporters.

Manila has "taken action," Dominguez said, citing charges that were filed by the Anti-Money Laundering Council in Philippine courts.

"And if they want to make a legal settlement, we are not involved in that. We are only implementing our laws here," he said.

Aside from imposing a record fine on RCBC, the Philippines also expanded the scope of anti-money laundering laws to include casinos.

From RCBC, the money that was stolen from Bangladesh Bank was shifted to several casinos, which at that time, could not be easily scrutinized by the AMLC.