$100 million money laundering probe in the Philippines: report
1 March 2016
What appears to be the single largest money laundering crime in the history of the Philippines is being investigated by financial regulators there, according to local media. Apparently $100 million was introduced into the country’s banking system, sold to an underground foreign exchange broker, then transferred into three or more local casinos, bought back by the money broker, and then transferred back out to accounts overseas in a short period of time.
According to the Inquirer, the funds originally came from cyber-criminals hacking overseas accounts, possibly in Bangladesh. The hackers were based in China according the news outlet’s anonymous sources cited as including, “at least three ranking government officials and four other bankers,” the outlet claimed.
An investigation is ongoing by the Anti-Money Laundering Council (AMLC) said the Inquirer who stated they sat on their story after confirmation so that law enforcement could continue their probe in secret and take action.