Sri Lanka and Financial Irregularities
Posted on March 13th, 2016

Dilrook Kannangara

Sri Lanka has become the new money laundering capital. Hackers around the world deposit money in Sri Lanka, launder it and transfer it as good money. Recently $20 million was laundered in Sri Lanka. Today Sri Lanka is truly the Plunder of Asia!
Sri Lanka also welcomes well known financial crooks, unnamed dubious depositors and Swiss bank account holders. These are sure invites for money launderers.

Bangladesh recovers $20m stolen money from Sri Lanka

8:07 am March 8, 2016/ Last Modified: 1:35 pm March 8, 2016

Dhaka, Bangladesh (BBN)– Bangladesh Bank (BB) has able to recover around US$20 million out of $100 million taken away by cyber hackers from its foreign exchange reserve with the Federal Reserve Bank of New York recently, officials said.

Suspected Chinese-origin cybercriminals hacked in the forex reserves in the BB’s account with the US Federal Reserve Bank in New York on February 05.

Around $20 million has been deposited by the central bank of Sri Lanka in our foreign exchange reserve account recently after hacking the fund from Federal Reserve Bank of New York,” a BB senior official told BBN in Dhaka.

He also said Bangladesh Financial Intelligence Unit (BFIU) is now working with its counterpart –the Anti-Money Laundering Council (AMLC) of the Philippines – actively to recover the rest of stolen fund.

Both persons and institutions have already been identified. So that rest of the stolen money is expected to recover after complaining rules and regulations properly,” the central banker explained.

The BB official did not disclose any specification information in this regard as the issue is still under investigation.

The AMLC has already been able to receive account- freezing orders for respective bank accounts from their court after the filing of case in this connection, according to a press statement, issued by the central bank of Bangladesh on Monday.

Besides, a vastly experienced consultant of the World Bank and his forensic investigation team are now working with the central bank over this issue, it added.

Legal process of bringing back the stolen money will be started soon after completing investigation by the AMLC of the Philippines, the statement said.

And the BB will follow stolen asset-recovery process of the World Bank, if necessary.
The BFIU has already signed a memorandum of understanding (MoU) with the AMLC for sharing information on money laundering issue.

The central banker also said Bangladesh, as a member of Egmont Group, a forum of the financial intelligence units (FIUs) of different countries, is now empowered to exchange information on money laundering and terror financing among its member-countries.
The Group now has 151 members across the world to promote and enhance international cooperation in anti-money laundering and counter-terrorist financing as well as to foster implementation of domestic programmes in this field.


2 Responses to “Sri Lanka and Financial Irregularities”

  1. aloy Says:

    According to world media reports this scam was stopped when a certain German bank suspected foul play due to misspelling of “foundation”. They mention Sri Lanka in passing but do not give credit to the Sri Lankan who foiled the biggest bank robbery.

  2. aloy Says:

    This has no relevance to financial irregularities in SL but a bit on bank security codes.
    Couple of days ago I was watching a BBC world service program on “prime numbers and the Indian mathematician Ramanujan”. This brilliant mathematician spent a lot of time theorizing on prime numbers about a hundred years ago and today’s banks use a combination of two of them to generate the security code. The numbers such as 3, 5, 7, 11, 13 and so on which cannot be divided by another are known as prime numbers. It seems the code generated in the computer of the bank is about 200 digits long and if it were to be broken by another computer it would take more than a hundred years. If this story is true this robbery most probably is an inside job with the help of other who could be Chinese.

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