Bank heist bares Philippine money law flaws

Unauthorized transfers from Bank of Bangladesh sent US$81 million in illegal funds to Philippine banks and casinos, attracted by lax anti-money laundering laws.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes, editor at large for Inside Asian Gaming and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Tags: anti-money laundering, Bank of Bangladesh, Bloomberry Resorts, City of Dreams Manila, Financial Action Task Force, Forbes.com, Henry Sy, Hong Kong On Air, junket promoters, Kazuo Okada, Manila Bay Resorts, Melco Crown, Philippine casinos, Philippines, Solaire Resort, Spectrum Gaming Group