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




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]”.

MOST VIEWED

  • Body of woman killed in Bangkok returns

    The Cambodian embassy in Thailand is working to repatriate the body of a casino dealer who was shot dead in Bangkok on Monday night. Ministry of Foreign Affairs and International Cooperation spokesman Kuy Kuong told The Post on Wednesday that officials are preparing paperwork to

  • Chikungunya hits 15 provinces, says gov’t

    Ministry of Health spokeswoman Or Vandine said on Thursday that the chikungunya outbreak in the Kingdom has spread to 15 provinces. Some 1,700 people are now suspected to have the disease. Vandine urged people to prevent its further spread by eliminating shelters for the Aedes aegypti mosquitoes

  • Gov’t exempts visa A and B holders from Covid fees

    Airline passengers who are diplomats and officials of international organisations holding Type A and B visas for travel to Cambodia are exempted from paying Covid-19 testing fees, said the Ministry of Health in its latest adjustment of rules on Wednesday. Health Minister Mam Bun Heng

  • Bill covering dress code draws ire

    Ministry of Interior secretary of state Ouk Kim Lek responded on Tuesday to criticism concerning a draft law that would ban women from wearing overly revealing clothing, saying that input from all parties will be considered as the law moves through the promulgation process. Several

  • Passing the test: Is Cambodia’s education system failing its people?

    The Kingdom’s education system needs to grow its people but some flaws might stifle​ this growth Coming from the Khmer Rouge occupation, with the loss of many scholars and academicians and a collapsed government, the education system had to be reconstructed from scratch – one

  • What’s the deal with Cambodia and China’s FTA?

    Cambodia’s Free Trade Agreement (FTA) with China kicks off a series of FTAs in future but for now, critics wonder what else the parties could bring to the table apart from what it already has to date By the end of this year, Cambodia