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

  • Ministry orders all schools, public and private, to close for SEA Games

    From April 20 to May 18, all public and private educational institutions will be closed to maintain order and support Cambodia's hosting of the 32nd SEA Games and 12th ASEAN Para Games, said a directive from the Ministry of Education, Youth and Sport. Cambodia will host the

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to

  • Angkor Beer strengthens national pride with golden new look and fresher taste

    Angkor Beer – the "Gold of Angkor" – has a new look, one that is more stylish and carries a premium appeal, as well as a fresher taste and smoother flavour, making it the perfect choice for any gathering. Angkor Beer recently launched its new design, one

  • Newest horror film showcases unique Khmer culture, identity

    At first glance, the trailer to new horror sensation The Ritual: Black Nun looks like a western-produced feature film. As the story reveals itself to the viewers, it becomes clearer that this is a Khmer film, with a strong Cambodian identity and close links to

  • Water supply authority assures public shortages over early ‘24

    The Phnom Penh Water Supply Authority (PPWSA) asked for understanding from Phnom Penh residents in some communes where water pressure is weak. They assured residents that all supply issues will be resolved by early 2024, but have suggested that residents use water sparingly in the meantime.

  • Khmer ballet documentary debuts April 1

    A new documentary, The Perfect Motion, or Tep Hattha in Khmer, will premiere to the public on April 1. The documentary film follows two intertwined storylines: the creation of a show called Metamorphosis by the late Princess Norodom Buppha Devi (her very last production) and the