The Financial Action Task Force (FATF) has identified Cambodia as a jurisdiction with strategic anti-money laundering and counter financing of terrorism (AML/CFT) deficiencies.
Cambodia has developed an action plan with the global AML/CFT watchdog to address the most serious deficiencies and says it will work to implement its action plan by strengthening its AML/CFT legislation and conducting relevant training for law enforcement agencies.
FATF is specifically concerned about Cambodia’s current lack of risk-based supervision for banks, dealings in real estate and casinos and wants to see these industries closely supervised.
Paris-based FATF wants to see amendments to existing AML/CFT legislation to address technical compliance deficiencies and to see Cambodia strengthen its financial intelligence unit and improve communications between law enforcement agencies.
Confiscation and sanctions
Another FATF requirement is for Cambodia to demonstrate its ability to freeze and confiscate proceeds of crime or seize assets of equivalent value.
Cambodia also needs to establish a legal framework to implement UN sanctions and demonstrate it understands sanctions evasion to satisfy FATF’s requirements.
Categories: Trade Based Financial crimes News