Statement

Joint Statement: Federal Reserve Bank of New York and Bangladesh Bank

February 01, 2019

The New York Fed and Bangladesh Bank continue to work together to recover the funds stolen from Bangladesh Bank in the 2016 cyber fraud event and to bring the wrongdoers responsible to justice. To further the recovery effort, the New York Fed and Bangladesh Bank have entered into a Resolution and Assistance Agreement where the New York Fed will provide technical assistance to Bangladesh Bank in its litigation against those who were complicit in the fraud to recover the stolen funds. That technical assistance includes, among other things, the New York Fed and Bangladesh Bank meeting jointly with the relevant agencies or parties in the Philippines to strongly encourage them to assist in the recovery of stolen funds.

The New York Fed and Bangladesh Bank believe that safe and reliable funds transfer services are critical for global financial stability, and that the type of fraud perpetrated on Bangladesh’s account at the New York Fed represents a threat to the international funds transfer system. This agreement demonstrates that the New York Fed and Bangladesh Bank are aligned in the pursuit of recovering the funds and directing litigation against those who were complicit in or benefitted from the fraud.