By Clifford Hwang
After
targeting almost a billion dollars, hackers stole $81
million dollars from the Bangladesh Bank, in one of the largest cyber
heists in history. The money trail disappears in the Philippines. Although the
Philippine government enacted anti-money laundering schemes, the Philippines
remain conducive to money laundering mainly due to two
laws: the bank deposit secrecy laws and the anti-money laundering laws. The
bank deposit secrecy laws, one of the strictest in the world, allows bank
deposits to remain confidential, and the anti-money laundering laws, which
require disclosures to prevent such crimes, do not cover casinos. Mix in a
variety of other factors such as corruption, trafficking in persons, narcotics
trade, and high volume of remittances from Filipinos living abroad, the
Philippines remains one of the easiest places to launder money.
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