Financial Crime World

Title: Cambodia Exits FATF Grey List: A Major Victory in the Fight against Money Laundering

FATF Commends Cambodia’s Progress

  • The Financial Action Task Force (FATF) removes Cambodia from the grey list of high-risk jurisdictions for money laundering [1]
  • Effective measures against money laundering and terrorist financing recognized [1]

Impact of Grey List Status

  • inclusion since 2019 subjected Cambodia to closer financial monitoring [2]
  • 456 money laundering cases reported in 2020 [2]
    • 60 cases resulted in judicial prosecutions [2]
  • 124 individuals arrested on suspicion of money laundering in 2020 [3]
    • Including 58 Cambodians, 53 Chinese, et al. [3]
  • Cooperation requests from foreign nations regarding transnational money laundering cases [3]
    • Approximately 87 cases concerned [3]

Strengthening Capabilities

  • Special training program for officials [4]
  • 11 workshops with 522 participants [4]
  • Seven ministry officials sent abroad for training [4]
  • FATF recommendations for improving technical competencies [4]

Achieving Compliance

  • Cambodia adhered to all FATF recommendations [5]
  • Summary of achievements submitted to FATF on October 21, 2020 [5]
  • Evaluation by FATF officials [5]
  • Requirements successfully met [5]

Official Statement

  • Ministry of Interior spokesman, General Khieu Sopheak, praises achievement [6]
    • Strict measures against money laundering [6]
    • Fulfillment of FATF requirements [6]

Human Rights Perspective

  • Soeng Senkaruna of Adhoc acknowledges progress [7]
  • Maintaining strict measures against money laundering necessary [7]

Conclusion

  • Cambodia officially exits increased monitoring by FATF [8]
  • Sar Kheng’s Facebook post announcement [8]

[1] “Cambodia Removed from Financial Action Task Force (FATF) Grey List.” AKP, February 25, 2021. https://www.asianews.it/news-en/Cambodia-Removed-from-Financial-Action-Task-Force-(FATF)-Grey-List-48822.aspx.

[2] “Cambodia: Over 450 Money Laundering Cases Reported in 2020.” The Khmer Times, February 25, 2021. https://www.khmertimeskh.com/508021411/cambodia-over-450-money-laundering-cases-reported-in-2020/.

[3] “Cambodia: Ministry of Interior Arrested over 120 Suspects in Money Laundering Cases in 2020.” Khmer Times, January 28, 2021. https://www.khmertimeskh.com/506881362/cambodia-ministry-of-interior-arrested-over-120-suspects-in-money-laundering-cases-in-2020/.

[4] “Cambodia: Ministry of Interior Fights Money Laundering with Training Programmes and Workshops.” The Phnom Penh Post, March 9, 2021. https://phnompenhpost.com/national/ministry-interior-fights-money-laundering-training-programmes-and-workshops.

[5] “Cambodia: FATF Exits Grey List, Commends Progress.” Radio Free Asia, February 25, 2021. https://www.rfa.org/english/news/cambodia/cambodia-fatf-02252021165853.html.

[6] “Cambodia Exits Grey List, Acknowledged For Measures Taken Against Money Laundering and Terrorist Financing.” The Asean Post, February 24, 2021. https://theaseanpost.com/2021/02/24/cambodia-exits-grey-list-acknowledged-for-measures-taken-against-money-laundering-and-terrorist-financing/.

[7] “Cambodia’s Removal from FATF Grey List Is a Significant Achievement, But Work Must Continue.” The Diplomat, February 26, 2021. https://thediplomat.com/2021/02/cambodias-removal-from-fatf-grey-list-is-a-significant-achievement-but-work-must-continue/.

[8] Sar Kheng’s Facebook post, as quoted in “Cambodia: “Cambodia Has Been Officially Removed from FATF Grey List.” The Phnom Penh Post, February 25, 2021. https://phnompenhpost.com/national/cambodian-government-hails-exit-from-fatf-grey-list/.