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NY Fed, BB, SWIFT to work together in $81m recovery

  • Published at 05:53 pm July 4th, 2017
NY Fed, BB, SWIFT to work together in $81m recovery
The Federal Reserve Bank of New York, Bangladesh Bank and global financial messaging service provider SWIFT have vowed to work together to recover the $81 million stolen from the account of Bangladesh's central bank in the Federal Reserve last year. Representatives from the three organisations met in New York, the US on Monday as part of an ongoing discussion over the cyberheist, according to a joint statement.
Also Read- Bangladesh Bank heist: Two CID officials to visit Manila
“As has been discussed at prior meetings, the parties reviewed steps that have been and will be taken to remediate the event, and progress towards rebuilding the SWIFT-related infrastructure in Bangladesh Bank to help ensure that its correspondent banking operations function in a highly secure manner,” the statement said. “The participants remain committed to working together to recover the entire proceeds of the crime, bring the perpetrators to justice in cooperation with law enforcement from other jurisdictions, and lend support to multilateral international efforts to further protect the global financial system from these types of attacks in the future,” it added.
More to Read- Philippines will need new laws to return BB heist money
On February 5, 2016, Bangladesh Bank lost $81 million from its account with the Federal Reserve Bank in a massive cyber heist by unidentified hackers. Bangladesh has so far been able to get back $34.63 million of the money, Finance Minister AMA Muhith recently said at parliament. “Around $20 million, which was first sent to Sri Lanka (by the hackers), was returned to the Federal Reserve Bank of New York. Meanwhile, $14.63 million sent to the Philippines was deposited to the Bangladesh Bank's Federal Reserve account.”
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