Eliminating money laundering, terrorism financing in Cambodia

Cambodia’s new money-laundering law will now carry a jail term of up to five years, while those financing terrorists will be jailed for up to 20 years.

The new law, which aims to eliminate money laundering and terrorism financing in Cambodia, requires reporting entities, including banks, financial establishments, investment companies, money transfer services, real estate agents, casinos, non-governmental organisations and relevant services and businesses, to regulate their activities and store detailed information about their clients.

It also requires the reporting of cash transactions over a certain threshold and transactions flagged by the Cambodian Financial Intelligence Unit, reports the Phnom Penh Post.

In full: https://www.nst.com.my/world/region/2020/07/606580/eliminating-money-laundering-terrorism-financing-cambodia

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