Write the Summary of the RCBC Money Laundering Case. Case Study No. 2 The Money Laundering Case
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Case Study No. 2 The Money Laundering Case of RCBC: Philippine Experience ABSTRACT: The RCBC money-laundering investigation has evidently become a topic of conversation from New York to Singapore; besides major newspapers in both those cities (and elsewhere outside the Philippines). That should come as no surprise given the magnitude of the crime, but unfortunately not many people here seem to have grasped yet just how damaging this is to the country. The sad reality is that the all-too-typical way this scandal is being addressed only serves to camouflage the relatively simple, broad facts of the case, and almost certainly won't lead to the swift, decisive solutions the country needs to implement to avoid becoming a financial pariah. Imagine how our country involved in one of the biggest bank robberies in the world that sometimes looks to be like in the movie. How $81 million or 3.8 billion was stolen from Bangladesh Central Bank account maintained at the US Federal Reserve Bank of New York was transfer electronically and the stolen money was transferred in several accounts at the RCBC and the rest was moved into different casinos account. It could be argued that casinos shouldn't have been exempted from the anti-money laundering reporting provisions; Casinos are not really the issue, laundering money through a casino? That's like money laundering 101, that's probably the first lesson they give at the money-laundering seminar. Basically the last step in the process- the real crime has already happened by the time the money reaches that stage, which makes finding a substitute path easier if the casino option isn't available. Case Study No. 2 The Money Laundering Case of RCBC: Philippine Experience ABSTRACT: The RCBC money-laundering investigation has evidently become a topic of conversation from New York to Singapore; besides major newspapers in both those cities (and elsewhere outside the Philippines). That should come as no surprise given the magnitude of the crime, but unfortunately not many people here seem to have grasped yet just how damaging this is to the country. The sad reality is that the all-too-typical way this scandal is being addressed only serves to camouflage the relatively simple, broad facts of the case, and almost certainly won't lead to the swift, decisive solutions the country needs to implement to avoid becoming a financial pariah. Imagine how our country involved in one of the biggest bank robberies in the world that sometimes looks to be like in the movie. How $81 million or 3.8 billion was stolen from Bangladesh Central Bank account maintained at the US Federal Reserve Bank of New York was transfer electronically and the stolen money was transferred in several accounts at the RCBC and the rest was moved into different casinos account. It could be argued that casinos shouldn't have been exempted from the anti-money laundering reporting provisions; Casinos are not really the issue, laundering money through a casino? That's like money laundering 101, that's probably the first lesson they give at the money-laundering seminar. Basically the last step in the process- the real crime has already happened by the time the money reaches that stage, which makes finding a substitute path easier if the casino option isn't available.
Expert Answer:
Answer rating: 100% (QA)
The RCBC money laundering case involves the theft of 81 million from the Banglades... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these finance questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
15. Show that the frequency of revolution of the electron in the Bohr model hydrogen atom is given by v = 2|E|/hn where E is the total energy of the electron. 16. Show that for all Bohr orbits the...
-
Consider a system with a real-valued impulse response h(n) and frequency response H(?) = |H (?)| ej? (?) The quantity provides a measure of the ?effective duration? of h(n) (a) Express D in terms of...
-
Darshan's management is pondering whether to lease the machine for \($3,000\) per year or whether to buy it outright. The company MARR is 12%. Problem data is gathered below. What is your...
-
Under the assumptions of the linear model, the values of y|x follow a _______________ . In Exercises 7 and 8, fill in each blank with the appropriate word or phrase.
-
The Commonwealth of Massachusetts has passed a new law which requires all Medical Health Professionals, (hereinafter MHP) which includes but is not limited to medical doctors, psychiatrists, social...
-
post on the issue of why the criminal procedure of plea-bargaining creates such controversy for so many in our country. It seems ironic that groups representing both conservative perspectives and...
-
Fokine Research Institute has three departments: biology, chemistry, and physics. The institute's controller wants to estimate the cost of operating each department. He has identified several...
-
What do you guys think of all these new virtual reality applications and its impact on society?
-
Assume that the explicit cost of a college education was $40,000 ($10,000 a year for four years). Assume also that by choosing to go to college you have deliberately forgone $120,000 in potential...
-
Suppose a company has entered into a forward contract to sell at $500 per unit of some commodity in two years to a bank. The current forward price of the contract is $450 per unit. Defaults are...
-
Ron has a co-op in Astor Cooperative. The total shares in the cooperative are 40,000 shares. If Ron owns 500 shares, what percentage of the cooperative corporation does he own?
-
CEOs earn a much higher income than their employees. a) Briefly describe the explanation for high CEO compensation that centres on motivating those competing for such positions. b) Briefly describe...
-
If Berkshire Hathaway's A shares are trading at $101,640, what split ratio would it need to bring its stock price down to $42?
-
How do online identities lead to hate movements and trolling (like the misogynist movement "Gamergate")? Overall, what are the major positives and negatives of the ability to form online...
-
Differentiate. y = ln(3x + 1) ln(5x + 1)
-
The principal purpose of the Bankruptcy Code is to grant a fresh start to the honest but unfortunate debtor. [Citation.] Both Chapter 7 and Chapter 13 of the Code permit an insolvent individual to...
-
We again note that a claim for personal injuries by a tenant can be premised on three distinct legal theories: contract (a rental agreement), common law obligations imposed on a landlord, and the...
-
Describe the working capital cycle and calculate the length of this for a company of your choice.
-
What is meant by liquidity and why might a supplier want to assess the liquidity position of one of their customer companies?
-
What are the limitations of ratio analysis as a form of financial analysis?
Study smarter with the SolutionInn App