Logo of Phnom Penh Post newspaper Phnom Penh Post - FATF report prepared ahead of ‘grey list’ decision

FATF report prepared ahead of ‘grey list’ decision

Content image - Phnom Penh Post
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.

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At