Logo of Phnom Penh Post newspaper Phnom Penh Post - New MoU on financial crimes

New MoU on financial crimes

Chea Chanto, governor of the National Bank of Cambodia, and Land Management Minister Chea Sophara meet during the signing of a memorandum to combat terrorism funding and money laundering. Fresh News
Chea Chanto, governor of the National Bank of Cambodia, and Land Management Minister Chea Sophara meet during the signing of a memorandum to combat terrorism funding and money laundering. Fresh News

New MoU on financial crimes

Cambodia’s Land Management Ministry has signed an agreement with the Kingdom’s committee to combat money laundering and terrorism funding.

High rates of corruption weakening the judiciary means the Kingdom has consistently been blacklisted on global indexes tracking susceptibility to terrorism financing and money laundering. Last year Cambodia scored ninth-worst in the world.

Though Cambodia’s score on that susceptibility index actually worsened compared

to 2016, its ranking improved due to even poorer performance in other countries.

The memorandum of understanding, signed on Tuesday, comes a day after the same committee, which includes Prime Minister Hun Sen’s son-in-law Dy Vichea, met with the Anti-Corruption Unit to report “progress”.

“We must think that we are standing on the spot of entering the grey list, therefore we have 15 months from July in 2017 until October next year to show our hard work . . . and even to improve on the weak points,” said ACU head Om Yentieng in audio obtained from Monday’s meeting.

“Continuing to educate, prevent and go against corruption are still core measures in reducing corruption to promote a clean society,” according to an ACU statement issued after the meeting.

The deal comes even as the government denies reports that lax controls in Cambodian banks and the Kingdom’s predominantly cash economy present opportunities for Chinese businesspeople to launder dirty money by buying up Cambodian real estate.

The National Bank of Cambodia, which is a member of the committee, did not respond to questions about Chinese money laundering through the Cambodian property market this week.

MOST VIEWED

  • Omicron patients can stay home: PM

    The Ministry of Health has issued a directive on the treatment of people who have tested positive for the highly transmissible Omicron coronavirus variant, following a suggestion from Prime Minister Hun Sen on the night of January 21. The directive permits home quarantine for those who

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42

  • Hun Sen gets 4th Covid shot, urges compatriots to follow

    Prime Minister Hun Sen and his wife Bun Rany on January 14 received their fourth dose of Covid-19 vaccine and called on compatriots to follow suit as the Omicron coronavirus variant continues to spread in the community. This marks the launch of Cambodia's fourth-dose vaccination campaign,