German newspapers, obviously having a field day, have named Philippines’ former Transport official Mark Tolentino as the trustee responsible for the billions of cash missing from fintech giant Wirecard.While both banks had already said Wirecard is not a customer, the scandal is damaging their reputation with social media comments across Europe noting that the Philippines again figured in a controversy of this scale just four years after the 2016 Bangladesh bank heist.
Asked if the cybercrime law does not have enough teeth to give Philippine banks the legal remedy when their names are embroiled in scandals like the Wirecard, Jocson said: “Yes, that’s why we’re trying to work out, via the BAP, to amend the law.” “If you take a look at the arrests that are happening, they go into cyber porn or online gambling. But yung financial crimes halos wala eh. And it requires a certain expertise kasi,” he added.Jocson said the BAP -- which groups the country’s 42 largest universal and commercial banks -- has already submitted its draft amendments to the office of Representative Junie E. Cua . Cua is chairman of the House committee on banks and financial intermediaries.
“I agree with Mon Jocson’s point about trust being essential to people using digital finance so we may need to update the law as he mentioned,” Angara said in a message reply.
Source: Law Daily Report (lawdailyreport.net)
You can't just say 'we don't have anything to do with that' and move on. This needs to be investigated and not counter sue the other side to protect their reputations and probably hide their secrets.
If they are to make up stories, why drag BDO and BPI? There must be something more to this. Don't take the news for its face value. This is not a small accusation. It should first be investigated before complaining for cybercrime.
Even if the perpetrator manage to clear their (banks) name and involvement, the damage has been done. Any narrative in the future about this incident will always include their names
Yet people complain why we need anti terror bill and cybersecurity laws... Are we really dumb AF
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ABSCBNNews - 🏆 5. / 83 Read more »
Source: sunstaronline - 🏆 18. / 59 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Source: CNN Philippines - 🏆 13. / 63 Read more »
Source: CNN Philippines - 🏆 13. / 63 Read more »
Source: rapplerdotcom - 🏆 4. / 86 Read more »