$1 Billion Plot to Rob Fed Accounts Leads to Manila Casinos
- Bangladesh says funds were stolen from its Fed accounts
- Case risks tarnishing Philippine President Aquino's legacy
Light trails are left by moving traffic at a junction in this long exposure photograph taken at night in the Makati district of Manila, the Philippines, on Sunday, Nov. 15, 2015. Economic growth in Asia Pacific will likely accelerate to 3.4% in 2016 from 3.1% this year, Dennis Hew, APEC's policy support director, said at press briefing in Manila.
Photographer: SeongJoon Cho/BloombergCasinos, money laundering and a scheme to steal $1 billion from the Bangladeshi central bank.
These are just some of the intriguing elements in a murky story shaping up to be one of the biggest documented cases of potential money laundering in the Philippines. It risks setting back the Southeast Asian nation’s efforts to stamp out the use of the country to clean cash, and tarnishing the legacy of President Benigno Aquino as elections loom in May.