PHNOM PENH: Minister of Justice Koeut Rith met with senior International Monetary Fund (IMF) officials and outlined Cambodia’s efforts to combat online scam crimes and money laundering linked to technology-enabled fraud.
Rith, who serves as chair of the National Coordination Committee on Anti-Money Laundering, Counter-Terrorist Financing and Counter-Proliferation Financing, met with Kenichiro Kashiwase, IMF mission chief for Cambodia, and Julio Bacio Terracino, the IMF regional adviser for anti-money laundering and counter-terrorist financing for Asia and the Pacific, on Oct 27.
The minister explained that technology-enabled fraud was not confined to Cambodia but occurred in many countries across the region and around the world, adding that Cambodia was itself a victim of such crimes.
“These crimes have damaged Cambodia’s image and global reputation. Criminals have used Cambodia as a base to defraud both our citizens and those of other countries,” he said.
He noted that the proceeds from technology-enabled fraud were often converted into virtual assets, or cryptocurrencies, with the overwhelming majority of these assets transferred from Cambodia to other countries.
“Combating technology-enabled fraud requires joint cooperation among all countries and relevant stakeholders. Cambodia stands ready to continue cooperating with all relevant parties,” he said.
Rith thanked the IMF for supporting Cambodia in the development of its national anti-money laundering strategy and related legal documents. He requested continued assistance in training and strengthening the capacity of law enforcement officials, particularly in financial investigations, the recovery of criminal proceeds and matters involving virtual assets.
According to the justice ministry, Kashiwase commended the Royal Government’s efforts to combat technology-enabled fraud, money laundering and terrorist financing.
He also agreed on the need for cooperation to combat online scams and accepted Cambodia’s requests, with the two sides’ working teams set to continue discussions on technical matters, the ministry said. - The Phnom Penh Post/ANN
