Salt farm workers carrying their haul from salt production in Kampot province, south of Phnom Penh, Cambodia. The Cambodian government on Sunday (May 17) approved two draft laws on anti-money laundering (AML) and counter-terrorist financing (CFT). - AP
PHNOM PENH: The Cambodian government on Sunday (May 17) approved two draft laws on anti-money laundering (AML) and counter-terrorist financing (CFT) and on combating the financing of weapons of mass destruction (WMD) proliferation, government spokesman Phay Siphan told Xinhua.
The approval was made during a weekly Cabinet meeting, which was presided over by Prime Minister Samdech Techo Hun Sen, he said.
"This draft bill on AML and CFT is designed to combat money laundering and terrorist financing, and it states measures to control, prevent, suppress and eliminate money laundering and terrorist financing," he said.
The draft law on combating the financing of WMD proliferation aimed to control on providing funds and services, such as financing, related to the export and trans-shipment of items that would contribute to the proliferation of weapons of mass destruction, he added.
Making the two draft bills had been motivated by the global money-laundering watchdog Financial Action Task Force (FATF)'s decision in February last year to place Cambodia on its "grey list" again after the kingdom was removed from it in 2015.
The FATF's "grey list" represents a risk of money laundering and terrorism financing but have formally committed to working with the FATF to develop action plans that will address their AML and CFT deficiencies.
The draft laws will need to be adopted by the National Assembly and finally reviewed by the Senate before being submitted to the King for promulgation. - Xinhua/Asian News Network
The approval was made during a weekly Cabinet meeting, which was presided over by Prime Minister Samdech Techo Hun Sen, he said.
"This draft bill on AML and CFT is designed to combat money laundering and terrorist financing, and it states measures to control, prevent, suppress and eliminate money laundering and terrorist financing," he said.
The draft law on combating the financing of WMD proliferation aimed to control on providing funds and services, such as financing, related to the export and trans-shipment of items that would contribute to the proliferation of weapons of mass destruction, he added.
Making the two draft bills had been motivated by the global money-laundering watchdog Financial Action Task Force (FATF)'s decision in February last year to place Cambodia on its "grey list" again after the kingdom was removed from it in 2015.
The FATF's "grey list" represents a risk of money laundering and terrorism financing but have formally committed to working with the FATF to develop action plans that will address their AML and CFT deficiencies.
The draft laws will need to be adopted by the National Assembly and finally reviewed by the Senate before being submitted to the King for promulgation. - Xinhua/Asian News Network
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