Cambodia has passed a new regulation on transactions flagged as suspicious for money laundering and terrorism financing.
Cambodia.- Cambodia has passed a new law making casinos reporting entities for the prevention of money laundering and terrorism financing.
Casinos are one type of reporting entities along with banks, investment companies, money transfer services, real estate agents, among others. Businesses are required to report cash transactions for amounts flagged by the Cambodian Financial Intelligence Unit, and to store relevant information about their clients.
Not complying with this regulation carries penalties including fines and licence revocation, New Strait Times reported.
Money laundering crimes in Cambodia will now carry a 5 year jail sentence, which can be increased to 20 years if its is proven that transactions was destined to fund terrorist activities.
Locals are not allowed to gamble in Cambodia, and no new casino licences will be issued within 200km of the capital city for the remainder of 2020, AGBrief has reported.
NagaCorp, the leading casino operator in the country, this week reopened its gaming machines area and VIP tables after the Covid-19 lockdown.