Money laundering and the Bangladesh Central Bank cyber heist

I guess the Channel Newsasia article <Philippines recovers US$4.63 million stolen from Bangladesh> (31 Mar 2016) rings many bells. A grand US$81 million of Bangladeshi money was hacked and transferred to a Philippines bank. Then it was handed to two local casinos (one of which was Solaire). Politician (Senator) ‘Ralph Recto said as much as US$34 million… could be recovered.’ In effect, nearly 50% of the loot was meant for cleaning by the casinos. The organisations are choice laundering vehicles because checks on their money flows had to approved by the courts. Arguably in some cases, by the time the order comes in, the money would have long gone…

Another dark side to financial globalisation…

See also with regards to tax evasion, the wildly popular Japanese drama series <Hanzawa Naoki>:

To understand the popularity of the genre, is in a sense to understand Japan, according to writer and lecturer in modern literature, Marika Nagai of Temple University. “The Japanese business novel is a micro[cosm] of all the anxieties and questions that Japanese people have,” she says.] . (18 Dec 2015). Japan’s curious passion for the business novel. http://www.bbc.com/news/magazine-35125739. Tokyo. BBC Magazine.

Gavin J. Blair. (24 Sep 2013). Season Finale of Show About Bankers Draws Japan’s Highest Drama Ratings in 30 Years. http://www.hollywoodreporter.com/news/season-finale-show-bankers-draws-635399. The Hollywood Reporter.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s