The National Bank of Cambodia’s Financial Intelligence Unit signed a memorandum of understanding last week with the Ministry of Commerce’s General Directorate of Trade Support Service on combatting terrorism financing and money laundering by enhancing the exchange of information.
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This new agreement comes less than two weeks after the central bank signed a similar agreement with the General Department of Cadastre and Geography to tackle financial crimes in the real estate sector.
“This memorandum of understanding is designed to be a more effective mechanism for the implementation of our work. It is a tool to strengthen collaboration to end money laundering and terrorism financing,” the central bank said in a press released in which it also explained that this was the eleventh such agreement with a local institution.
Cambodia is vulnerable to money laundering due to its cash-based, dollarised economy, porous borders and poor oversight of casinos at the border, according to a report released last year by the US Department of State.