Logo of Phnom Penh Post newspaper Phnom Penh Post - Draft law on monitoring transactions passed

Draft law on monitoring transactions passed

Content image - Phnom Penh Post
Senate spokesman Mam Bun Neang told reporters after the 56 members present in the 62-seat body unanimously passed the motion. Mech Dara

Draft law on monitoring transactions passed

The Senate on Tuesday approved a proposed new law to track the flow of money locally and from abroad and across all areas to combat tax avoidance, with special attention given to the private sector and civil society organisations.

The law also aims to prevent money laundering and the use of finance to “help terrorists organise a colour revolution or conduct terrorism”, Senate spokesman Mam Bun Neang told reporters after the 56 members present in the 62-seat body unanimously passed the motion.

“Not paying taxes is illegal, as is money laundering – whether for the black market or to help terrorists organise a colour revolution or conduct terrorism in our country."

“This law is designed to help with the monitoring and thorough management of cash flows to increase state revenues and help our society,” Bun Neang said.

He said the law would require individuals and private institutions that provide or receive finance from abroad or locally to be registered. It would also allow the Ministries of Finance and Interior and the National Bank of Cambodia (NBC) to monitor all civil society, insurance, pension, real estate and individual transactions.

He said the ministries of Interior and Finance, and the NBC will be authorised to monitor cash transfers into Cambodia from abroad.

A Tuesday Senate press release said the draft law on controlling cash flows would contribute to the development of Cambodia’s financial sector and society as a whole, and improve development partners’ confidence and help gain better trust.

Adhoc spokesperson, Soeung Sen Karuna, said he welcomed the draft law if it was implemented transparently and accurately, but he warned it could affect civil society organisations or those in other sectors that did not have reliable or predictable incomes.

“It will be a good thing if this law is implemented properly and transparently, without focusing on any particular group. [Adhoc’s] cash flows into the bank are orderly, and we have submitted financial statements and activities to the Ministry of Interior annually."

“However, it could affect civil society organisations and those in other sectors that do not have reliable financial resources,” he said.

MOST VIEWED

  • PM responds to Rainsy ticket claims

    Prime Minister Hun Sen on Monday expressed frustration over claims by Sam Rainsy that he had altered Rainsy’s ticket with Thai Airways to prevent him boarding his November 7 flight to Thailand, from where he had claimed he would enter Cambodia. Hun Sen made the

  • Phnom Penh International Airport wins award as passenger traffic soars

    The Phnom Penh International Airport has been awarded Best Asia Pacific Regional Airport 2019 for its sustained high growth in passenger traffic in recent years. The award was presented by the Capa Centre for Aviation (Capa) – a world-leading and trusted organisation that provides market intelligence to

  • PM urges ‘democracies’ to learn from horrors Cambodia faced

    Prime Minister Hun Sen on Tuesday chided countries that he said declared themselves a democracy while supporting a military coup that eventually gave birth to the Khmer Rouge regime. Speaking during the 2nd Asia-Pacific Summit at the Peace Palace, Hun Sen said without naming those

  • Princess Buppha Devi passes away aged 77

    Princess Norodom Buppha Devi, who was famous for her skills and key roles behind the Kingdom’s Royal Ballet, passed away on Monday from unspecified illness at a hospital in the Thai capital Bangkok, according to the official Facebook page of King Norodom Sihamoni. “May

  • PM: Request for release of plotters not due to pressure

    Prime Minister Hun Sen on Saturday said his request to have the supporters of former opposition leader Sam Rainsy and his “coup plot” released on bail was not made under international pressure. Speaking at the groundbreaking ceremony for the construction of 34 roads in Preah Sihanouk

  • Ministry deplores RFA report on EBA

    The Ministry of Foreign Affairs and International Cooperation on Friday deplored as fake news a Radio Free Asia (RFA) report that it had received a copy of the European Commission’s assessment on the human rights situation in Cambodia as part of the Everything But