Logo of Phnom Penh Post newspaper Phnom Penh Post - More work to be done fighting corruption in business: TI report

More work to be done fighting corruption in business: TI report

Preap Kol, executive director of Transparency International Cambodia, is interviewed by the media following the presentation of the Business Integrity Country Agenda report.
Preap Kol, executive director of Transparency International Cambodia, gives a presentation on the Business Integrity Country Agenda report. Heng Chivoan

More work to be done fighting corruption in business: TI report

A new business integrity report from Transparency International Cambodia shows public sector bodies largely failing to promote transparency with regards to bribery, corruption and public disclosure, with businesses faring only a little better on corporate governance norms.

The report, called the Business Integrity Country Agenda and released yesterday by the accountability group, shows that the Kingdom was not lacking in laws to deal with business issues, but rather that government agencies did not uniformly implement them – especially in tackling money laundering and illicit financial flows.

On the private front, multinational firms fared better on corporate compliance and had established clear strategies to tackle corruption, but local companies were largely opaque about their activities and their adoption of existing laws.

The major concern areas were conflicts of interest on company boards, disclosure of anti-corruption programs and operations, and third-party verifications of business practices.

Preap Kol, executive director of Transparency International Cambodia, said yesterday that Cambodia needed to try harder to ensure a more transparent business climate, failing which firms would be able to continue nefarious activities. “Without business transparency, there is opportunity for smuggling of goods, which will eventually lose revenue for the government,” he said.

He added there was a need for better understanding between government agencies and private firms to enforce the existing laws, as it would be beneficial to both and attract more investment.

“Lack of business transparency is affecting to investors’ confidence, especially good investors, and it affects the country’s ability to attract good investors,” he added.

He pointed to the automation of the business registration process and improvements in tax collection procedures as positives that needed to be replicated in other business processes.

Reach Ra, undersecretary of state at the Ministry of Commerce, said the findings from the report would help improve business transparency in Cambodia.

“The findings from the report will help to improve on the weaknesses of Cambodia and many businesses that are operating in Cambodia to strengthen their competitive capacity,” he said.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished

  • Demining rat ‘hero’ Magawa dead at 8

    A landmine-hunting rat that was awarded a gold medal for heroism for clearing ordnance from the Cambodian countryside has died, his charity said on January 11. Magawa, a giant African pouched rat originally from Tanzania, helped clear mines from about 225,000sqm of land – the equivalent of 42