Attempts to smuggle billions of dollars into Cambodia thwarted

• May 16, 2020

The authorities have successfully thwarted at least two attempts to smuggle billions of dollars into Cambodia.

These were in addition to the millions seized from suitcases and bags smuggles through the airport and land borders, said Prime Minister Hun Sen.

Speaking at the cabinet meeting Friday, the prime minister said that the Governor of the National Bank of Cambodia rejected the attempts to smuggle up to $2.5 billion in illicit funds, supposedly for investment projects.

“Cambodia is not connected with any financial transactions involving terrorism. But for money laundering, for examples there were couple of cases of confiscation and seizures of money involving laundering which came through Phnom Penh international airport.

“Some money launderers had also tried to sneak through Cambodia’s land border and they carried with them large amounts of money in suit cases and bags. These are monies that did not go through regular banking transactions and such classified as laundering,” he said.

Since February 2019, when Cambodia made a high-level political commitment to work with the Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering (APG) to strengthen the effectiveness of its Anti Money Laundering (AML)/ Combating the Financing of Terrorism (CFT) regime and address any related technical deficiencies, Cambodia has taken steps towards improving its AML/CFT regime, including by demonstrating an increase in domestic coordination and cooperation to enhance ML investigations.

FATF said that Cambodia should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) providing a broad legal basis for MLA and conducting relevant training to LEAs; (2) implementing risk-based supervision for real estate and casinos; (3) implementing the risk-based supervision to banks, including through prompt, proportionate and dissuasive enforcement actions, as appropriate; (4) amending the AML/CFT Law to address the remaining technical compliance deficiencies; (5) enhancing its analysis of STRs and increasing disseminations to LEAs; (6) demonstrating an increase in ML investigations and prosecutions; (7) demonstrating an increase in the freezing and confiscation of criminal proceeds, instrumentalities, and property of equivalent value; (8) establishing and implementing a legal framework for UN targeted financial sanctions related to proliferation financing and enhancing the understanding of sanctions evasion. Khmer Times/FATF

Source: https://www.khmertimeskh.com/50723761/attempts-to-smuggle-billions-of-dollars-into-cambodia-thwarted/