Search form

Login - Register | FOLLOW US ON

Logo of Phnom Penh Post newspaper Phnom Penh Post - Body notes ‘significant’ anti-laundering strides

Body notes ‘significant’ anti-laundering strides

An inter-governmental anti-money laundering group has stopped monitoring Cambodia after it said the Kingdom had made “significant progress” toward fighting financial crimes.

The Financial Action Task Force (FATF), an inter-governmental body with headquarters in Paris and established in 1987 to enact a series of anti-money laundering recommendations, in a statement last week welcomed Cambodia’s “significant progress in improving its [anti-money laundering] regime”.

“Cambodia has established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified,” it said, without giving details of what had prompted the change.

FATF representatives could not be reached for comment.

The move by FATF to stop monitoring Cambodia comes just months after the country was ranked the third worst in the world, behind only Afghanistan and Iran, for money laundering in the Basel Anti-Money Laundering Index.

The index, compiled by the Basel Institute on Governance, argued that a combination of corruption, a weak judiciary and a lack of transparency across the finance sector had led Cambodia to retain its low ranking for the third year in a row.

ANZ Royal Bank CEO Grant Knuckey at the time said the Basel index had not considered “the frameworks put in place by the National Bank of Cambodia for suspicious transaction reporting and the role of the [Financial Intelligence Unit]”.

0

Comments

Please, login or register to post a comment

Latest Video

Bodies of Cambodian peacekeepers returned to Kingdom

The bodies of four Cambodian peacekeepers killed by a Christian militia in Central African Republic were repatriated to the Kingdom and honoured in an airport ceremony on May 21.

Phnom Penh eats: Ptas Nak Battambang

As the name suggests, Ptsa Nak Battambang – which in English means Battambang's house – is the right place for those who want to try some of the province's typical dishes in Phnom Penh.

People drive past an advertisement for beer.

Prime Minister Hun Sen issued a directive on Friday banning the sale and consumption of alcohol on June 3 and 4 to prevent unrest during commune el

Military police stand guard outside a polling station that was allegedly prematurely closed to eligible voters during the 2013 general election in Kandal province. Photo supplied

The Ministry of Defence on Friday lashed out at civil society and election monitoring groups, claiming a