Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia cracks down on money laundering



Cambodia cracks down on money laundering

Content image - Phnom Penh Post
Anti-Corruption Unit chief Om Yentieng. Hong Menea

Cambodia cracks down on money laundering

Cambodia investigated 140 money laundering cases as of June and 22 were sent to court. Assets have been frozen in some cases and five have gone to trial, according to an announcement by the Ministry of Information on Thursday.

The ministry quoted Anti-Corruption Unit chief Om Yentieng who said the government has relevant ministries and institutions to tackle the issue and confiscate goods in a timely and effective manner in line with the UN Anti-corruption guidelines and the Asia-Pacific Group (APG).

Yentieng said APG requires Cambodia to implement two points. The first is to strengthen the capacity of judicial police officers, identify criminals and seize illegal goods. The second is to better manage and document the work that goes into stopping crimes, detaining offenders and freezing laundered money to get Cambodia off the Financial Action Task Force (FATF) Grey List.

“We have almost all the basic mechanisms required of us engage internationally and globally in the Anti-Money Laundering/Combating the Financing of Terrorism [AML/CFT],” Yentieng said.

Under the AML/CFT, Cambodia is subject to the implementation of FATF through APG.

The results of both inspections – The UN Convention against Corruption (UNCAC) and AML/CFT implementation – show shortcomings related to the seizure of criminal goods in Cambodia. The inspections found that the country’s procedures for implementation, detention, asset freezing and confiscation are still limited, according to Fresh News.

Ministry of Justice spokesman Chin Malin said on Sunday that in the past, the management and seizure of goods in Cambodia generally followed the rules of each sector.

“The general criminal offences in the special Criminal Code are in accordance with the laws in each sector, but there is a need for modernisation and for amending or preparing new laws,” he said.

Affiliated Network for Social Accountability (Ansa) executive director San Chey said the management of the seizure of illegal goods in Cambodia does not seem to have enough mechanisms, especially the means of seizure.

Chey said he wants a review of materials and equipment confiscated to be used in a targeted and transparent manner.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there

  • Cambodia lauded for fight against Covid-19

    Cambodia has drawn global accolades for its handling of the Covid-19 pandemic, with a new report finding that the Kingdom has controlled the pandemic better than any other country in Asia. Dr Takeshi Kasai, director of the World Health Organisation’s (WHO) Western Pacific region,