Financial Crime World

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AML/CFT Risk Assessment in Cambodia

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Real Estate Sector

The real estate sector has experienced significant growth in recent years. Some key statistics include:

  • 28 registered companies in 2007 increased to 138 companies in 2015.
  • The number of licensed real estate developers also grew from 2 companies in 2010 to 118 companies with total projects in 2015.
  • The sector contributes approximately USD 1,674,842,300 (17.5% of GDP) to the economy and has reduced poverty from 53.20% in 2004 to 20.50% in 2015.
  • Job creation has also increased, with 40,000 jobs per day in Phnom Penh city and 60,000 jobs per day for the whole country.

Casino Sector

The casino business is primarily operated along the Cambodian-Vietnam and Cambodian-Thai borders, except for Naga Casino in Phnom Penh. The government has taken steps to attract foreign investors to the sector by liberalizing trade and services. However, the AML/CFT risk level of the casino sector is rated at Medium.

Financial Trust Sector

Financial trust entities have been established to manage funds granted by development partners to banks or microfinance institutions. Key points about the financial trust sector include:

  • There are currently 9 financial trust entities registered with the Ministry of Economy and Finance (MEF).
  • The fund is being used as investment capital to expand products and services for customer satisfaction, particularly in rural areas.

Combating Terrorism and Terrorist Financing

The government has taken steps to combat terrorism and terrorist financing by:

  • Providing training to prevent and detect terrorist financing activities
  • Establishing laws and regulations to combat terrorism and terrorist financing
  • Implementing a policy of non-discrimination on rules of law, race, and/or religious belief, allowing for full integration of minority groups (ethnic and religious)

Conclusion

Cambodia has made significant progress in establishing a framework to prevent money laundering and terrorist financing. However, there are still areas where improvement is needed to ensure the effectiveness of these measures.