SWIFT HACKBangladesh is sending a team to the Philippines to speed up the process of recovery of around 81 million dollars (approx.) or more of funds whose instructions were sent via SWIFT Network by the hackers that occurred in New York Federal Reserve in February. Around one-fifth of the funds are at present recovered.

In-Depth Analysis

In February 2016 the biggest bank heist ever recorded till date occurred. In the month of February, there were some transactions made by hackers using fake login credentials of Bangladesh Bank which is the central bank of the nation. The transaction amounted around 951 million US dollars. The account was in the Federal Reserve Bank of New York; the hackers succeeded in making those transactions but were not successful in receiving those funds fully. Around 101 million dollars were received by them from which around 20 million dollars were traced in Sri Lanka which were recovered fully, around 81 million dollars traced in Philippines from which around 15.25 million dollars are recovered. To speed up the rest of the transactions Bangladeshi Government is sending a team of officials in the country.

The team is going to be a five-member team and will talk to Philippines authorities from 28th November to December 1 2016. The team will be led by Law Minister Anisul Haq. A member out of the five members stated to Reuters on the condition of full anonymity. He stated, “We are hoping it will help expedite the recovery of the rest of stolen funds.”

Most of the money stolen was laundered through the casinos in Manila and remains still under the covers.

Reuters was also told by senior central bank personnel that the team would also try to meet Philippine President Rodrigo Duterte, who had earlier pledged the stolen money would be returned.

SWIFT hack details

The team of 5 including Law Minister Anisul Haq consists of Bangladesh Bank Governor Fazle Kabir; Attorney General Mahbubey Alam; Abdur Razzaq, who is the Chairman of the Parliamentary Standing Committee on the FFinance Ministry; and Eunusur Rahman, who plays the role of the Secretary of the Finance Ministry’s bank and Financial Institutions division.


Please enter your comment!
Please enter your name here