Dirty cash: The struggle to eradicate money laundering from Cambodia

When in May the EU classified Cambodia as being extremely susceptible to money laundering, it was an unwelcome development for an economy already teetering from effects of the Covid-19 pandemic.

Coming 15 months after the Kingdom was re-listed on the “grey list” of the Financial Action Task Force (FATF) in February 2019 – labelling Cambodia “highly vulnerable to money laundering” and lacking political will to tackle it – it cemented Cambodia’s status as a hotspot for illicit flows of money and placed it under the scrutinising eye of financial service providers worldwide.

But last week, Cambodia took its first concrete steps to put an end to the practice with reports of new laws promulgated by King Norodom Sihamoni carrying punishments of up to five years in prison, while those convicted of financing terrorists could be jailed for up to 20 years.

In full: https://southeastasiaglobe.com/the-struggle-to-eradicate-money-laundering-from-cambodia/

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