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Deputy PM promises tighter fiscal controls

Cambodia's Deputy Prime Minister yesterday reiterated his commitment to criminalising money laundering and terrorist financing in the Kingdom.

 Sok An reassured delegates at the Asia-Pacific Group (APG) on Money Laundering of Cambodia’s commitment to implementing comprehensive procedures to stop illegal monetary transactions.

These actions include identifying and freezing terrorist assets, confiscating funds related to money laundering, ensuring a fully operational Financial Intelligence Unit as well as placing effective controls on cross-border cash transaction, according to Ek Tha, a spokesperson for the Office of the Council of Ministers.

Cambodia is one of the APG’s 41 member jurisdictions. The National Bank of Cambodia (NBC) signed an action plan with the APG in June, 2011, outlining the strategy for financial monitoring and controls, said government spokesman Ek Tha.

The NBC is drafting a law for full compliance to address these issues, according to Ek Tha.

Ek Tha also said that Sok An asked the technical team of the APG’s money laundering group to work jointly with the NBC on the draft before it is sent to the Jurist Council and Economic, Social and Cultural Council, for review and then onward for submission to a full cabinet meeting chaired by Prime Minister Hun Sen.  

David Shannon, senior executive officer of the APG, said his team would look into assisting Cambodia with the draft law so that it is fully compliant in addressing the main issues.

Sok An said the government will keep a firm stance on those issues, despite the election in July next year, which it anticipates will keep them busy. “We will do our best to get the draft law approved before the end of June next year,” said Sok An.

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