The Associated Press
PHNOM PENH, Cambodia: Cambodia's National Assembly on Monday unanimously approved legislation to combat money laundering and terrorism financing, but critics described the bill as too weak.
All 77 lawmakers who attended the assembly session voted for the bill, which was endorsed by the Cabinet last July.
The government hopes the legislation will boost investors' confidence in doing business in Cambodia and counter criticism that the country is a place for illegal financial activities.
The legislation must be passed by the Senate and signed by the king before it can take effect, but those steps are considered formalities.
Central bank Governor Chea Chanto called the legislation "an important legal instrument and foundation for thwarting and cracking down on any attempts of money laundering and terrorist financing in Cambodia."
But critics said it was weak because the maximum penalty is only one year in jail and a fine of 5 million riel (US$1,250; €920).
Son Chhay, a lawmaker from the opposition Sam Rainsy Party, said the penalty won't prevent people from committing financial crimes.
"On the contrary, they will be prepared to work against the law because the penalty is not really harmful to them," Son Chhay said.
His party's lawmakers, during the debate over the law, also questioned its significance in Cambodia, where financial transactions are largely carried out in cash rather than through the banking system.
"We see every day the flow of cash from one hand to another without having to go to the bank. That will make the law difficult to be used in dealing with money laundering," Son Chhay said, noting that many Cambodians still keep their money "under the pillows" at home.
In 2004, Heraldo Munoz, who then headed a U.N. committee on the al-Qaida terrorist network, warned that Cambodia's lack of anti-terrorism laws and weak law enforcement could allow Southeast Asia's Jemaah Islamiyah terror group to use the country as a base.
The comment drew an angry reaction from Prime Minister Hun Sen.
All 77 lawmakers who attended the assembly session voted for the bill, which was endorsed by the Cabinet last July.
The government hopes the legislation will boost investors' confidence in doing business in Cambodia and counter criticism that the country is a place for illegal financial activities.
The legislation must be passed by the Senate and signed by the king before it can take effect, but those steps are considered formalities.
Central bank Governor Chea Chanto called the legislation "an important legal instrument and foundation for thwarting and cracking down on any attempts of money laundering and terrorist financing in Cambodia."
But critics said it was weak because the maximum penalty is only one year in jail and a fine of 5 million riel (US$1,250; €920).
Son Chhay, a lawmaker from the opposition Sam Rainsy Party, said the penalty won't prevent people from committing financial crimes.
"On the contrary, they will be prepared to work against the law because the penalty is not really harmful to them," Son Chhay said.
His party's lawmakers, during the debate over the law, also questioned its significance in Cambodia, where financial transactions are largely carried out in cash rather than through the banking system.
"We see every day the flow of cash from one hand to another without having to go to the bank. That will make the law difficult to be used in dealing with money laundering," Son Chhay said, noting that many Cambodians still keep their money "under the pillows" at home.
In 2004, Heraldo Munoz, who then headed a U.N. committee on the al-Qaida terrorist network, warned that Cambodia's lack of anti-terrorism laws and weak law enforcement could allow Southeast Asia's Jemaah Islamiyah terror group to use the country as a base.
The comment drew an angry reaction from Prime Minister Hun Sen.
8 comments:
Cambodia laws are no efficacity for the richs.
Immigration laws are no efficacity for youns immigrants because immigration law can't be executable
Excellent, anything that improves
job condition gets my support.
Thank you all!!!
Stop being bias and be real. So far this law is not good enough to discourage financial terrorists. Stronger punishment will promote more good investors, create more jobs in the country. Even no high school kids can see it.
Have all the pigs out there got what they need? And now the put laws so the Khmer can't proclaim what is their.!
1:58 AM motherfucker like you should read article 15 of Cambodian Laws. It is shit load of it.
Give us a break, 3:14. We can't
spend all our revenue on law
enforcement. If the law detered
50% of violators, that will do
for now. It's better than nothing.
Don't forget to passe LAW to HANG (Hun Sen, Hok Lundy, Ney Thol)the CRIMINALS against HUMANITY in Cambodia
Okay boss, we will, but right now
we got more important laws to pass
yet. We should get to that by 2050.
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