WITHOUT wishing to seem too pedantic

WITHOUT wishing to seem too pedantic, the current Bank of Bangladesh/RCBC event isn't in reality “money laundering” —it’s just simple theft. According to Interpol, cash laundering is “any act or attempted act to hide or disguise the identification of illegally obtained proceeds in order that they seem to have originated from valid assets.”

Well, as I understand it, the cash did originate from a valid source, the Bank of Bangladesh, it arrived in RCBC and then it vanished.

Eighty-a million greenbacks can be lots of money to me, or maybe to some of this newspaper’s readers, but it’s not too sizable inside the international banking enterprise which handles via its electronically managed structures anything up to $14 trillion a day.

Mechanisms for controlling this kind of thing encompass the Large Value (Interbank) Transfer System, a device of the countrywide principal financial institution utilized, among other matters, to make certain that non-public banks have sufficient credit score of their account with the primary financial institution to maintain to satisfy statutory requirements (the statutory necessities, by means of the manner, are an awful lot less than the real money which the financial institution is managing or has loaned out, however that is another tale).

The way wherein this lot all works is pretty complex and depends very heavily on statistics technology structures with the aid of which transactions regularly pass through numerous banks, every of which has to account to their central financial institution, just so the money receives from payer to payee in a brief time

Securities and Exchange Commission (SEC)

Securities and Exchange Commission (SEC) will preserve a unique en banc consultation next week to determine at the proposed merger between the united states’s equities and bond markets.

In a threat interview on Tuesday, SEC Chairperson Teresita Herbosa instructed reporters that the enterprise’s en banc will tackle the matter on Monday, March 28.

“We absolutely have till Monday to decide because the March 26 closing date falls on a Saturday… So we've till the next working day to planned,” Herbosa stated.

The SEC chief stated the Market Securities and Regulation Department has submitted its preliminary examine on the deliberate merger between the Philippine Stock Exchange Inc. And PDS Holding Inc.

“Once we arrive at our selection, we will can help you recognise and we can thoroughly provide an explanation for our choice,” SEC accomplice commissioner Ephyro Luis Amatong has said.

In the proposed merger, the PSE will be the surviving entity.

Amatong emphasized that the non-negotiable guideline for their decision in approving the proposed merger is anchored on whether the merger could bring about better offerings—each to the buyers and issuers of bonds and equities.

“There are blessings: lower price, making the exchanges greater efficient. If you combine them, could they be capable of offer better offerings? If now not, why could we integrate them? What’s in it for us anyway?” the commissioner delivered.

Since 2014, the PSE has been running on a P2.25-billion acquisition for a majority stake in PDS Holdings. It failed to at ease regulatory approval remaining 12 months as the SEC desired to solve numerous questions, specifically on how the PSE might run the merged entity.

The PSE submitted its proposed marketing strategy to the SEC remaining January 26.