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FATF report prepared ahead of ‘grey list’ decision

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Minister of Justice Koeut Rith (right) and National Police chief Neth Savoeun (left) on March 10 co-chaired a meeting of Working Group 3 of the ad-hoc sub-commission to implement an action plan devised by the Asia-Pacific Group on Money Laundering. FACEBOOK

FATF report prepared ahead of ‘grey list’ decision

Minister of Justice Koeut Rith and National Police chief Neth Savoeun on March 10 co-chaired a meeting of Working Group 3 of the ad-hoc sub-commission to implement an action plan devised by the Asia-Pacific Group on Money Laundering.

The group is tasked with implementing “Immediate Outcome” 7, or IO.7, which focuses on investigation, prosecution and sanctioning, while IO.8 aims to improve confiscation of proceeds and instrumentalities of crime processes.

The justice ministry said the meeting was held to review and discuss the enforcement of IO.7 and IO.8 and to prepare the ninth-round report – to be submitted to the Financial Action Task Force (FATF).

“The co-chairmen expressed their gratitude to the working group for its commitment to the complex tasks assigned to it.

“At the end of the meeting, the co-chairmen laid out an urgent action plan and requested those present and relevant institutions to mobilise their forces immediately so that anti-money laundering operation is carried out efficiently and effectively, ahead of the report being submitted to the FATF,” the ministry said.

Cambodia is expected to be removed from the FATF’s money laundering “grey list” after the Kingdom adopted two new laws and enforced them, as recommended by the intergovernmental organisation.

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