NBC signs new agreement to tackle financial crimes

May Kunmakara / Khmer Times No Comments Share:
Representatives of NBC and the Ministry of Commerce sign the agreement last week. Freshnews

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.

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.

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