The Ministry of Interior of Cambodia has raised doubts over a recent report by Transparency International Australia (TIA) and its partner KordaMentha, which alleges that Cambodia is a source of money laundering in Australia.
Touch Sokhak, spokesman for the Ministry of Interior, expressed concerns about the report, stating that it lacked clear evidence and could potentially damage the reputations of both Australia and Cambodia.
Skepticism Over Lack of Evidence
Sokhak emphasized that Cambodia has never allowed such activities to occur within its borders or abroad. He highlighted the country’s efforts to prevent and suppress crimes, stating, “We always strive to put in place extra measures to prevent and suppress crimes we discover, whenever there is evidence and real perpetrators.”
Call for Cooperation and Clear Evidence
In response to the report’s claims that significant amounts of money were moved from Cambodia to Australia, Sokhak urged Australian civil society organizations to cooperate with Cambodian authorities to provide clear evidence and documentation supporting their allegations. He emphasized that Cambodian authorities reserve the right to reject any report that seeks to tarnish the nation’s image through unsubstantiated allegations and politically motivated agendas.
Potential for Further Investigation
However, Sokhak also acknowledged that the report could serve as a basis for further research and investigation by Cambodian authorities to analyze the accuracy of its data. He encouraged cooperation between the two countries to address any issues related to money laundering effectively.
Cambodia’s Commitment to Combat Money Laundering
Sok Chan, Head of Financial Inclusion and Public Relations at the Association of Banks in Cambodia (ABC), reaffirmed Cambodia’s commitment to combating money laundering. He stated that the banking industry in Cambodia collaborates internationally with relevant stakeholders to strengthen anti-money laundering activities.
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Enhanced Transparency and Regulatory Oversight
Chan highlighted the efforts of the National Bank of Cambodia (NBC) and the ABC in enhancing transparency between financial transactions to mitigate the risks associated with money laundering and related crimes. He noted that Cambodia’s removal from the “Money Laundering Grey List” managed by the Financial Action Task Force (FATF) was a significant achievement, demonstrating the country’s commitment to complying with FATF’s recommendations.
Rigorous Regulatory Oversight in the Banking Sector
The banking sector in Cambodia is strictly monitored through prudential regulations supervised by the NBC and Anti-Money Laundering (AML) oversight from the Cambodia Financial Intelligence Unit (CAFIU). Chan emphasized the importance of enhanced customer due diligence, especially in identifying Ultimate Beneficiary Owners (UBOs), to ensure the legitimacy of cross-border transactions.
Cambodia’s Dedication to Combating Money Laundering
Chan concluded by reiterating Cambodia’s dedication to combating money laundering and its commitment to maintaining transparency and integrity within the banking sector.
