Fed commits to help bring hackers to book


The Federal Reserve Bank of New York has agreed to help towards bringing the hackers behind the Bangladesh Bank cyber heist under law as well as recovering the stolen money

The assurance came at a tripartite meeting among senior officials of Bangladesh Bank, Fed and SWIFT held on Tuesday in New York.

NY Fed agreed to work collaboratively to recover the hacked money as soon as possible, said a statement from Bangladesh Bank yesterday.

All sides also put more importance on bringing the thieves under law with the help of law enforcement agencies, said the statement.

The participants remain concerned about this event and committed to working together to recover the entire stolen amount as quickly as possible. They also committed to greater cooperation to protect the global financial system from these types of attacks in the future.

Around $81 million was hacked from Bangladesh Bank’s reserve account with the NY Fed in February. The reserve bank has not made any comments so far about its role during the heist. Bangladesh Bank is concentrating its efforts on recovering the stolen money, which was funneled into the Philippine banking system and then laundered through casinos there. But the main perpetrators behind the crime, one of the largest of its kind, are still unknown.

Bangladesh Bank is now at the final stage of bringing back a portion of the stolen money, $15 million, through the collaboration of the Philippine central bank and Anti Money Laundering Council (AMLC).

Source: Dhaka Tribune