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

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Hun Sen: Lakes filled in for national developments

    Prime Minister Hun Sen has announced continued operations to fill some lakes in Phnom Penh to create land for developments, though he is against the unrelated practice of damming rivers or blocking waterways. Speaking at the inauguration of the Ministry of Public Works and Transport

  • Koh Preus upgrades 70% complete

    Initial construction of a nearly $30 million tourism infrastructure project on Preah Sihanouk province’s Koh Preus Island is “about 70 per cent complete”, according to an official with the developer. Heng Thou, construction site manager of Angela Real Estate Co Ltd (ARE), told The Post that

  • Local media loses a giant, and The Post a great friend

    Cheang Sokha, a gifted and streetwise reporter who rose to the highest ranks of Cambodian media and was beloved for his sharp intelligence, world-class humour and endless generosity, died on Friday in his hometown of Phnom Penh. He was 42. His wife, Sok Sophorn, said he

  • Cambodia, India agree to start direct flights, tourism exchanges

    Cambodia and India have agreed to start direct flight connections and promote closer tourism exchanges and cooperation in all areas after the Covid-19 saga comes to a close. The agreement was reached during a meeting between Cambodian Minister of Tourism Thong Khon and newly-minted Indian