Financial Crime World

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Cambodia’s Efforts to Combat Money Laundering and Terrorist Financing Receive Mixed Assessment

PHNOM PENH, CAMBODIA - The Kingdom of Cambodia has made significant progress in its efforts to combat money laundering (ML) and terrorist financing (TF), according to a recent assessment by the Financial Action Task Force (FATF).

Partial Compliance with FATF Recommendation 12

In a report released yesterday, Cambodia was found to be “Partially Compliant” with Recommendation 12, which requires countries to have adequate measures in place to prevent ML and TF. While Cambodia has extended its definition of Politically Exposed Persons (PEPs) to include domestic PEPs and heads of international organizations, there are still deficiencies in the definition of beneficial ownership.

Strengths and Weaknesses

The report also found that Cambodia’s statistics on ML and predicate investigations, as well as property frozen and confiscated, were comprehensive and up-to-date. However, there were minor shortcomings in maintaining statistics for seizures, informal cooperation, and TF investigations.

Commitment to Strengthening Efforts

“Cambodia has made significant progress in its efforts to combat money laundering and terrorist financing,” said [Name], Head of the Cambodian Financial Intelligence Unit (CAFIU). “We are committed to continuing our efforts to strengthen our laws and regulations to prevent these illegal activities.”

FATF Assessment Recommendations

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  • Cambodia should continue to strengthen its definition of beneficial ownership.
  • Cambodia should provide more detailed statistics on seizures and informal cooperation between law enforcement agencies.
  • Cambodia should consider providing data on informal cooperation between regulators.

Conclusion

Cambodia’s efforts to combat money laundering and terrorist financing are a step in the right direction, but there is still work to be done to ensure that the country has adequate measures in place to prevent these illegal activities. The Cambodian government and financial institutions must continue to prioritize combating ML and TF to protect the integrity of the financial system.

Contact

For more information on Cambodia’s efforts to combat money laundering and terrorist financing, please contact [Name], Head of CAFIU, at [email address] or [phone number].