The Philippines must immediately return millions of dollars recovered from a high-profile hacking theft, Bangladesh's ambassador said today in Manila, but Filipino officials warned resolving the embarrassing case could take months.
On February 5, unidentified hackers shifted USD 81 million from the Bangladesh central bank's account with the US Federal Reserve to a nondescript bank in Manila, from where it was funnelled into local casinos.
Filipino authorities now say they have tracked down all but USD 21 million of the loot, but have only recovered a fraction of it.
Late March, Manila-based Chinese casino promoter Kim Wong, who is under criminal investigation after a portion of the stolen money was traced to his account, began handing over chunks of the stolen cash to Filipino authorities.
Bangladeshi ambassador to Manila, John Gomes, expressed outrage Thursday that the surrendered funds -- now totaling USD 15 million - had not been returned to Dhaka, nearly two months later.
"It is Bangladesh's money, so it is our request that this should be followed through," a visibly upset Gomes said while testifying Thursday at a Senate public hearing on the case.
The brazen heist highlighted how the Philippines' banking loopholes and anti-money laundering laws have made the impoverished and corruption-weary Southeast Asian nation a dirty money destination.
Philippine law exempts casino transactions from scrutiny by the country's anti-money laundering council without a case filed in court.
Wong, the casino junket operator, had earlier told the Senate that two high-rollers from Beijing and Macau shifted the USD 81 million to dollar accounts at Manila's Rizal Commercial Banking Corporation.
Wong said he did not know that the money was stolen from Bangladesh and that he merely helped the two men - who are also his casino clients - open bank accounts.
