EDITORIAL - Give them back their money

“We don’t have too much money,” Ambassador John Gomes said, as he pointed out that $81 million “is a huge amount of money for a country like Bangladesh.”

The envoy made the comment as he expressed hope that the $81 million stolen by hackers from the Bangladesh central bank’s account at the Federal Reserve Bank of New York and laundered through Philippine casinos and the banking system would be returned to his country before the end of President Aquino’s term.

That looks like a tall order for the chronically inefficient Philippine judiciary, which must first conclude with finality the forfeiture proceedings initiated by the Anti-Money Laundering Council or AMLC to recover the amount. Gomes has noted that the casinos have already profited from the stolen funds. Returning the money to its rightful owner, unfortunately for Bangladesh, is not as simple as it appears in the Philippines.

This week, casino junket operator Kim Wong completed handing over to the AMLC a total of P488.28 million plus $4.63 million that junket agent Gao Shuhua reportedly abandoned in Eastern Hawaii Leisure Co. Ltd. and Midas Casino. Wong, however, has made it clear that he turned over the money mainly for “safekeeping” – an indication that he is likely to challenge its transfer to Bangladesh.

With the international community watching this case closely, judicial authorities must exert more effort to show that speedy justice is possible in the Philippines. The country has already suffered from being seen as a “black hole” for dirty money – a weak link in global efforts to fight money laundering – with politicians keeping their pet activities beyond the reach of the AMLC.

Gomes has diplomatically expressed confidence that his country will get back its money. “I’m very optimistic that in one day or another, this money will be returned,” he said. The Philippines must see to it that the day will come soon enough.