The FATF has added the country to its list of states with anti-money laundering and combatting the financing of terrorism deficiencies.
Cambodia.- The Financial Action Task Force (FATF) has added Cambodia to its list of states with anti-money laundering (AML) and combatting the financing of terrorism (CFT) deficiencies.
“FATF has identified Cambodia as a jurisdiction with strategic AML/CFT deficiencies. The country has developed an action plan with the FATF to address the most serious deficiencies. The FATF welcomed the high level political commitment of Cambodia to its action plan,” the group said in a statement.
Cambodia had been following the guide for a “Risk-Based Approach for Casinos”, published by the FATF in 2008, as its industry continues to grow. However, even as the group has praised the government for it, they have been added to the infamous list.
One of the top concerns for the FATF in Cambodia is the evergrowing Sihanoukville market, which has liberal regulations which had Chinese facing venues flooding the area. However, investments have ceased as concerns have been raised over potential money laundering in the area.
Even as the FATF flagged the country, the recently introduced legislative reforms to set taxes for the casinos while setting incentives to investors could soon get it out of the list.