Bangladesh to publish NY Fed heist probe finds after retrieving money from Philippines

Finance Minister AMA Muhith has said he will publish the probe report on the central bank cyber heist after retrieving all the money from the Philippines.

He was talking to journalists at his office after a meeting with a World Bank delegation led by Bangladesh country director.

The minister had spoken of a number of deadlines to go public with the probe report which was also sought by the Philippines authorities. Bangladesh declined to share the report with the south East Asian nation.

“This is not the time yet for publishing the report. We are still sorting out a few things with the Philippines authorities,” Muhith said in response to a question.

Nearly a year ago, hackers stole $81 million from Bangladesh Bank's account at the Federal Reserve Bank of New York, in one of the biggest cyber heists in banking history.

The money was sent to bank accounts in the Philippines. Bangladesh has recovered $15 million, which went to a Filipino casino, until now and is trying to retrieve the rest.

The government constituted a committee headed by for Bangladesh Bank governor Mohammed Farashuddin to investigate the cyber scam. 

The committee submitted the report but the finance minister declined to release the report despite repeated deadlines he gave to make it public.

The Philippines authorities had asked for the findings, after reports published in international media said the investigation identified negligence of a number of BB officials for the heist.

“I don’t want anyone to use this report to shrug off their responsibilities. Rizal bank is sitting with the money as if as it is theirs. They should send back the money to its owner,” Muhith said.

“Their attitude is unacceptable. Let me sort it out, then I will publish the report.”

There are allegations that Bangladesh had asked the Philippines not to release the stolen funds but it paid no heed.

The Filipino central bank has already fined Rizal Commercial Banking Corporation $20 million for the heist.

Bangladesh government is saying Rizal cannot avoid the liability of the cyber theft, but the bank denies any hand in it.