Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodian firms face bigger risk of economic crimes

Cambodian firms face bigger risk of economic crimes

Cambodian firms face bigger risk of economic crimes

Businesses in the Kingdom experience economic crimes at almost twice the global average rate, according to a small-scale survey conducted by PricewaterhouseCoopers (PwC) Cambodia branch.

PwC conducted the assessment during a seminar last week for the launch of the global Economic Crime Survey, which did not include Cambodia.

Of the 27 Cambodian businesses who responded at the seminar, 85 per cent reported experiencing some form of economic crime in the past two years, much higher than the 37 per cent reported globally.

Respondents included companies in the logistics, professional services and financial sectors.

Although the sample was small, the results showed that certain forms of economic crime were of particular concern to companies here.

For example, of the companies who said they were victims of economic crimes, the survey found 43 per cent of firms had experienced bribery and corruption in Cambodia over the last two years, the study’s global average was 27 per cent.

The Kingdom’s years of economic growth could also have a darker side, said PWC partner Marius Kunneke, as such rapid expansion increases the opportunities for fraud.

“It’s part of a global trend,” he said.

Procurement fraud, asset misappropriation, and cybercrime were the kinds of fraud most expected by the Cambodian companies surveyed.

Andrew Tan, PWC’s associate director for Cambodia and Laos, noted that opportunities for cybercrime have increased as companies adopt new technology.

Charles Van, president of the Association of Banks in Cambodia, said that for Cambodia’s banking sector at least, new technology had helped the country leapfrog older security systems to strengthen cybercrime protections.

“I think Cambodia is one of the lucky parties as we use the latest technology to give us more protection,” he said.

MOST VIEWED

  • Serious flooding across country

    The Kampong Speu provincial Committee for Disaster Management on Wednesday issued an alert after non-stop heavy rain caused widespread flooding. In Koh Kong province, authorities are working with the disaster committee and the Cambodian Red Cross to assist those affected after more than 350 homes were

  • CNRP points to King in call for vote boycott

    Leaders of the former Cambodia National Rescue Party (CNRP) have taken a new tack in their call for a boycott of the national elections later this month. They are now claiming that the people should follow the King, who is expected to abide by tradition

  • Actress’s NGO takes heat for promoting the ruling party

    An actress’s NGO which participated in an election campaign event contrary to the Law on Association and Non-Governmental Organisations (Lango) has been slammed. Chorn Chanleakena, a celebrity and the president of the Association of Artists Volunteering to Help Society, allegedly led its members in

  • Troop moves ‘won’t worry people’

    Senior officials at the Ministry of Defence and National Police said on Tuesday that riot training provided to the country’s police forces were aimed at preventing unexpected demonstrations and strikes before and after the July 29 national elections. The troop mobilisation, they said, would not