The country has introduced some changes but has not yet fully implemented the FATF’s recommendations.<\/p>\n\n\n\n\n\n\n\n
Cambodia.- Authorities in Cambodia have said that they will continue working to get the country off the Financial Action Task Force <\/strong>(FATF) grey list of untrustworthy jurisdictions. At its last meeting, the Paris-based inter-governmental agency that monitors controls on anti-money laundering and terrorist financing, decided to keep Cambodia on the list.<\/p>\n\n\n\n Cambodia has been on the list since 2020. However, Pech Pisey<\/strong>, executive director of Transparency International Cambodia (TI Cambodia), said the country has shown some progress.<\/p>\n\n\n\n According to the Phnom Penh Post, Pisey stated: \u201cThe positive progress is the result of introducing legal principles, creating a general department that is leading the fight against money laundering and the establishment of new international and regional cooperation combating money laundering.<\/p>\n\n\n\n \u201cRecently there was the establishment of an inter-ministerial committee to combat money laundering <\/strong>led by the Ministry of Justice, and the Anti-Corruption Unit [ACU] has recently provided training on investigations to the tax general department.”<\/p>\n\n\n\n Pisey acknowledged that Cambodia has not yet fully implemented some FATF recommendations<\/strong>. He urged the government to act quickly before the FATF’s 2023 assessment, and that otherwise investors may lose confidence. Pisey said high-risk areas for money laundering included gambling, casinos, real estate and shadow investments which are not properly registered.<\/p>\n\n\n\n In recent months, Cambodia has increased controls on illegal casinos. The government also urged authorities to shut illegal gambling<\/a> in cafes and shops and it also published a series of new guidelines for gambling businesses<\/a>. The purpose is to ensure that casino operations are conducted in accordance with the laws and standard documents related to the management of commercial gambling.<\/p>\n\n\n\n Last week, the provincial authorities of Preah Sihanouk ordered all casino operators<\/a> to obtain approval from the Preah Sihanouk Administration <\/strong>before applying to the Ministry of Economy and Finance. The measure aims to achieve more control of the gaming industry after cases of human trafficking<\/strong>.<\/p>\n\n\n\n