Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Bid to fight financial crime

Bid to fight financial crime

Bid to fight financial crime

The National Bank of Cambodia has agreed to exchange intelligence with Taiwanese authorities in a bid to combat terrorist financing, money laundering, and other financial crimes.

The memorandum of understanding was signed by Phan Ho, secretary-general of the NBC’s Financial Intelligence Unit, and director general of the Taiwanese Intelligence Bureau, Chang Chi-Ping, on Monday.

Nguon Sokha, director general and spokeswoman at the NBC, said the deal was “part of a global and regional move to combat money laundering and financing of terrorism”.

Cambodia and Taiwan are both members of the Asia-Pacific Group on Money Laundering, an international organisation which assists member countries in establishing systems to combat financial crime.

Mey Vann, director of the financial industry department at the Ministry of Economy and Finance and member of the NBC’s anti-money laundering committee, said the agreement complied with anti-money laundering legislation and APGML recommendations.

John Brinsden, Vice Chairman of ACLEDA Bank, said that banks were under increasing pressure to monitor transactions. “The current governor ... has opened up the banking system to scrutiny,” said Brinsden.

“You have to actually go back to banks and say ‘Who is that customer?’”
The Post reported last month that the central bank had signed MoUs with foreign financial inspection units in Malaysia, Sri Lanka and Bangladesh. Phan Ho could not be reached for comment.


  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all