Senate probe into $81 million continues on Thursday, May 19.

Senate probe into $81 million stolen funds from Bangladesh continues on Thursday, May 19. The funds were transmitted online to the four private accounts at a brance of the Rizal Commercial Banking Corp. in Makati City.

Cyber criminals has stolen the $6.9 million out of the $81 million fund from the Bangladesh central banks’ account in the Federal Reserve Bank of New York and through the testimonies at the previous hearing found that accounts were transmitted to fictitious bank accounts in the Philippines. Some remain in local casinos and may be still be recovered.

Sen Sergio R. Osmeña III said that this probe would be the last adding that the session will “wind up” the inquiry. He would not say when the committees will submit a formal report that would contain the findings and recommendations for both regulators and the next Congress.

The senators has cited that there is an urgent need to amend the AMLC’s charter following the bank heist. Also, easing the country’s deposit secrecy law and hiking penalties imposed on erring banks even would be for the next Congress to discuss the issue.

It can be recalled that case has resulted in the resignation of the RCBC President and Chief Executive Officer Larenzo V. Tan and Raul Victor B. Tan, the treasurer even after the bank cleared them of involvement in the money laundering case.

Guingona also joins the hearing today and expects that the resigned accountant of Philrem would attend to the probe of the Senate.