Cambodia : Anti-Money Laundering Overview

Bun & Associates, Oct. 15, 2020:Country Update – Cambodia : Anti-Money Laundering ( Thomson Reuters, 2020)

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Cambodia is a member of the Asia/Pacific Group on Money Laundering, and has established the Cambodia Financial Intelligence Unit, which is part of the Egmont Group.

On 27 June 2020, Cambodia has seen a new Law on Anti-Money Laundering and Combating the Financing of Terrorism promulgated with an immediate effect to replace the old Law on Anti-Money Laundering and Combating the Financing of Terrorism, which was initially adopted in 2007 and subsequently amended in 2013 (hereinafter referred to as "the AML/CFT Law 2020"). However, the AML/ CFT Law 2020 provides that all applicable regulations previously issued under the AML/CFT Law 2007, and amended in 2013 shall remain in full effect and force until further replaced.
On the same date, due to the requirement of the United Nations Security Council Resolutions for combating proliferation of weapon of mass destruction, a Law on Combating the Financing of Proliferation of Weapon of Mass Destruction was promulgated for the first time in Cambodia (hereinafter referred to as "the CFP of WMD Law 2020").

These two new laws provide a clear, coordinated path and comprehensive framework for the competent authorities to further strengthen its current works and institutionalize their efforts in anti-money laundering and combating the financing of terrorism in Cambodia.

On 27 March 2019, the National Strategy for Combating Money Laundering and Financing of Terrorism 2019-2023 was adopted.

 Legislative framework

In addition to the AML/CFT Law 2020, the following key regulations remain valid:

• Guideline on submitting Suspicious Transaction Report (STRs) for all reporting entities under Anti-Money Laundering and Counter
• Financing of Terrorism, dated 30-April-2018;
• Sub-Decree on Freezing of Property Designated Terrorists and Organization, dated March 10, 2014;
• Sub-Decree on the Establishment the National Coordination Committee on Anti-Money Laundering and Combating the Financing ofTerrorist, dated April 11, 2012;
• Sub-Decree on the Amendment of Article 1 of Sub-Decree No 79/ANKR.BK/ dated June 12, 2015 on the Establishment of National
• Coordination Committee on Anti-Money Laundering and Combating the Financing of Terrorism, dated April 8, 2016;
  

In full: https://www.bun-associates.com/country-update-cambodia-anti-money-laundering-thomson-reuters-2020/

 

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