Logo of Phnom Penh Post newspaper Phnom Penh Post - Financial bills heading to NA

Financial bills heading to NA

Content image - Phnom Penh Post
The meeting is chaired by Prime Minister Hun Sen. Hun Sen’s Facebook Page

Financial bills heading to NA

The Council of Ministers has approved six draft laws including that on anti-money laundering, terrorism financing and counter-proliferation financing. The bills are considered urgent and would be sent to the National Assembly (NA) for deliberation in no later than a week.

Chaired by Prime Minister Hun Sen, the Friday Cabinet meeting also passed draft laws on legal mutual assistance in the penal sector, overlapping taxations involved with profit tax, tax evasion and tax avoidance between Cambodia, Malaysia and South Korea.

In a press release, the Council said it also passed a bill concerning the approval of Cambodia to be a member of the Berne Convention on the Protection of Literary and Artistic Works.

The Berne Convention allows authors of creative works to control how their work is used and by whom.

Government spokesman Phay Siphan told The Post on Sunday that the draft law on money laundering, terrorism financing and counter-proliferation financing was approved in their entirety.

The bill concerning legal mutual assistance in the penal sector was passed with changes of wording on three points, he said without elaborating.

On money laundering, Siphan said the government was simply fulfilling its obligation as a member of the regional bodies, and not as a response to a recent EU proposal to blacklist Cambodia.

“These legislative efforts are not to satisfy any group. It is the government’s efforts and the National Bank of Cambodia to improve and adopt laws that apply to member countries of the Asia-Pacific Group on Money Laundering,” he said.

He said because the law is deemed urgent, it will be sent to the NA for approval within seven days and come into force no later than a month after being promulgated by the King.

NA spokesperson Leng Peng Long confirmed to The Post on Sunday that the legislative body will immediately convene an internal meeting.

“We will immediately call a meeting to review the contents of the laws and assign them to the respective commissions for further study,” he said.

On May 7, the EU requested its parliament to add Cambodia and 11 other countries into a list of states that “pose significant threats” to its financial systems for failures to tackle money laundering and terrorism financing.

Cambodia joined Panama, the Bahamas, Mauritius, Barbados, Botswana, Ghana, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe in the expanded list, which is due to take effect in October.

Countries that were already on the blacklist are Afghanistan, Iraq, Vanuatu, Pakistan, Syria, Yemen, Uganda, Trinidad and Tobago, Iran and North Korea.

Libya and four US territories including American Samoa, US Virgin Islands, Puerto Rico and Guam were left out following objections. Saudi Arabia, the current holder of the G20 presidency, was also spared from the list after “pressure” from the oil-producing powerhouse.

In February last year, Cambodia was also re-listed in the “grey list” of the Financial Action Task Force (FATF), a decision Cambodia said was “unfair”.

Minister of Interior Sar Kheng, who convened a meeting for a final review of the money laundering bill last month, said putting Cambodia on the FATF grey list deters businesses from investing in the country.

The laws, he said, were drafted in light of progress in society and in line with international standards.

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Banteay Meanchey gunfight sees 15 Thais arrested, three officers injured

    The Banteay Meanchey Military Police have arrested 15 Thai suspects and their accomplices after a gun battle between two Thai groups caused injuries to three police officers in the early hours of November 21, local authorities said. National Military Police spokesman Eng Hy said that according to

  • PM: Do not defile Tonle Sap swamp forest or else

    Prime Minister Hun Sen ordered police to arrest anyone – including government officials – involved with the deforestation of the flooded forests surrounding the Tonle Sap Lake because it is an area important to the spawning of many species of fish, among other reasons. Speaking in a