Write the Summary of the RCBC Money Laundering Case. Case Study No. 2 The Money Laundering Case

Write the Summary of the RCBC Money Laundering Case.

 

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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.

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The RCBC money laundering case involves the theft of 81 million from the Banglades... View the full answer