PODCAST: Money-laundering calls for an ‘007-type’ of probe

Rappler.com
PODCAST: Money-laundering calls for an ‘007-type’ of probe
Former finance secretary Roberto de Ocampo proposes an international probe on the $81 million stolen by hackers

MANILA, Philippines – With hacking as a sophisticated, borderless industry, banker Roberto de Ocampo urges the Bangko Sentral ng Pilipinas (BSP) to call in the Interpol and the Federal Bureau of Investigation in its probe of stolen money laundered in Philippine casinos.

In February, cybercriminals took $81 million from the Bangladesh Bank account with the Federal Reserve Bank of New York and funneled the cash to Rizal Commercial Banking Corporation (RCBC). The money ended up in Philippine casinos.

In this interview, De Ocampo, former finance secretary and currently chairman of the Philippine Veterans Bank, talks about the need to conduct an international and quiet investigation to get to the bottom of the crime.

He also explains the balancing act banks are going through in fortifying their “early warning systems” to fight the laundering of dirty money without hampering the smooth flow of funds.

De Ocampo is confident that this recent heist is a “one-off operation” which will not put the country’s banking system in peril.

Listen in and let us know if you agree with him. – Rappler.com 

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