By Sherry Tang and Sofia Wu
Taipei, April 11 (CNA) - Taiwan signed a memorandum of understanding (MOU) with Cambodia Monday on cooperation in the battle against money laundering, terrorism funding and other major forms of financial crime.
The MOU was signed by Chang Chi-ping, director-general of the Investigation Bureau (IB) under the Ministry of Justice, and Phan Ho, secretary-general of National Bank of Cambodia, who concurrently heads the bank's Financial Intelligence Unit.
The signing makes Cambodia the 18th country to ink an anti-money laundering agreement with Taiwan after the United States, South Korea, the Philippines, Nepal and 13 other countries, Chang said at a signing ceremony held at IB headquarters.
"This (number of signings) embodies our achievements in promoting international cooperation on countering cross-border money laundering, " Chang said, adding that the pact with Cambodia will significantly upgrade the efficacy of Taiwan's operations in this area.
According to Chang, Taiwan and Cambodia are both members of the Asia-Pacific Group (APG) on Money Laundering. Cambodia sent financial intelligence officials to Taipei last year to attend an anti-money laundering workshop under the auspices of the APG.
The program allowed both sides to exchange views and share experience in the fight against money laundering, Chang said.
"We also explored at that time the feasibility of signing an MOU on cooperation in the field and we are pleased that nearly a year of negotiations have come to fruition," he added.
Under the terms of the MOU, the two countries will exchange information about suspected money laundering and other types of cross-border financial crime, including the funding of terrorism, Chang said.
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