Financial Crime World

Title: Cambodia’s Anti-Money Laundering Efforts: A Year in Review

Establishment of a Specialized Working Group

  • In April 2024, the Cambodian Ministry of Justice established a specialized working group to combat money laundering, terrorist financing, and the funding of Weapons of Mass Destruction (WMD).

Significant Progress in combating Financial Crimes

  • From January to November 2023, 391,000 cases of telecom or online fraud were solved in Cambodia, resulting in numerous arrests.
  • However, allegations of money laundering with Cambodian links continued to surface.

Money Laundering Cases Involving Cambodian Nationals

Arrest at Changi Airport

  • In September 2023, a foreigner, suspected to be a Cambodian national, was caught using a Taiwanese passport with someone else’s name at the Changi Airport in Singapore.

Large-scale money laundering operation

  • Over $1.76 billion worth of assets were seized or frozen as part of a large-scale money laundering case involving Cambodian nationals in Singapore.
  • Three Cambodians were among the ten foreigners arrested for their alleged involvement in the money laundering operation.

Extensive Business Connections

  • The extensive business connections of those involved stretched both locally and internationally.
  • The suspects held citizenship in numerous jurisdictions.

Anti-Money Laundering Efforts within the Public Sector

  • The Cambodian Ministry of Interior, led by Sar Kheng, intensified efforts to find those involved in money laundering within the public sector.
  • Multiple ministerial reviews and meetings were held throughout the year to discuss and address money laundering activities.

Cambodia’s Continued Focus on Anti-Money Laundering Policies

  • Cambodia was officially removed from the gray list of countries with high money laundering risk by the Financial Action Task Force (FATF) in February 2023.
  • However, Cambodian authorities remain vigilant about the risks associated with financial crimes.
  • Continued focus on the implementation of anti-money laundering policies and strengthened international cooperation will help Cambodia maintain its progress against financial crimes.