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Anti-money laundering draft law approved

Chhut Bunthoeun / Khmer Times No Comments Share:
Prime Minister Hun Sen chairs the cabinet meeting on Friday. KT/ Khem Sovannara

Cambodia’s draft law of anti-money laundering bill has been approved today at the Council of Ministers meeting chaired by Prime Minister Hun Sen.

The law has been designed to assist authorities to fight money laundering and the financing of terrorism by identifying measures to “prevent, crackdown, and combat” such activities in the Kingdom. Now the law has been approved by the cabinet, it will be sent to the National Assembly for review.

The move came following Asia Pacific Group on Money Laundering found that Cambodia does not have the appropriate legal basis and adequate enforcement mechanism related to penalties for money laundering and terrorism financing in line with international standards, according to Cambodia government spokesperson Phay Siphan.

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