DHAKA: Bangladesh Ambassador John Gomes has every reason to feel bad about the delay in the recovery of the $15 million that casino junket operator Kim Wong turned over to the Anti-Money Laundering Council (AMLC) after the $81 million heist of Bangladesh Bank unraveled.
More than five months have passed since unknown hackers tricked the Federal Bank of New York into transferring $81 million of Bangladesh Bank funds deposited in it to Rizal Commercial Banking Corp. (RCBC).
A portion of that money found its way to the accounts of two Chinese high rollers who later lost it in a gambling casino in Manila. Wong, who acted as their guarantor, was paid $15 million for his effort. As he promised during the Senate investigation of the scam, Wong returned that money in the presence of Bangladesh diplomatic officials.
But the money could not be immediately turned over to Bangladesh because the law requires the filing of a civil forfeiture case in court before any money suspected to be a product of money laundering can be transferred to its lawful owner. The forfeiture case filed by AMLC has been granted by the court. Bangladesh Bank can now ask the court to order ALMC to deliver to it the $15 million. Barring any legal hitches, this process may take one to two months to complete.
