Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia cracks down on money laundering



Cambodia cracks down on money laundering

Content image - Phnom Penh Post
Anti-Corruption Unit chief Om Yentieng. Hong Menea

Cambodia cracks down on money laundering

Cambodia investigated 140 money laundering cases as of June and 22 were sent to court. Assets have been frozen in some cases and five have gone to trial, according to an announcement by the Ministry of Information on Thursday.

The ministry quoted Anti-Corruption Unit chief Om Yentieng who said the government has relevant ministries and institutions to tackle the issue and confiscate goods in a timely and effective manner in line with the UN Anti-corruption guidelines and the Asia-Pacific Group (APG).

Yentieng said APG requires Cambodia to implement two points. The first is to strengthen the capacity of judicial police officers, identify criminals and seize illegal goods. The second is to better manage and document the work that goes into stopping crimes, detaining offenders and freezing laundered money to get Cambodia off the Financial Action Task Force (FATF) Grey List.

“We have almost all the basic mechanisms required of us engage internationally and globally in the Anti-Money Laundering/Combating the Financing of Terrorism [AML/CFT],” Yentieng said.

Under the AML/CFT, Cambodia is subject to the implementation of FATF through APG.

The results of both inspections – The UN Convention against Corruption (UNCAC) and AML/CFT implementation – show shortcomings related to the seizure of criminal goods in Cambodia. The inspections found that the country’s procedures for implementation, detention, asset freezing and confiscation are still limited, according to Fresh News.

Ministry of Justice spokesman Chin Malin said on Sunday that in the past, the management and seizure of goods in Cambodia generally followed the rules of each sector.

“The general criminal offences in the special Criminal Code are in accordance with the laws in each sector, but there is a need for modernisation and for amending or preparing new laws,” he said.

Affiliated Network for Social Accountability (Ansa) executive director San Chey said the management of the seizure of illegal goods in Cambodia does not seem to have enough mechanisms, especially the means of seizure.

Chey said he wants a review of materials and equipment confiscated to be used in a targeted and transparent manner.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Quarantine site in north Phnom Penh inaugurated

    A four-building quarantine centre in Phnom Penh’s Prek Pnov district was formally inaugurated on January 6. The centre can house up to 500 people, according to Phnom Penh municipal governor Khuong Sreng. At the inauguration ceremony, Sreng said the municipal hall had cooperated with the Ministry

  • ‘Beware of WhatsApp fraudsters’

    The Ministry of Posts and Telecommunications warned members of the public who use WhatsApp to vigilantly guard against a new trick employed by hackers that involves the use of six-digit codes sent to potential victims via the popular messaging app. The ministry said hackers could