Bridget Di Certo
The Phnom Penh Post
Cambodia is ripe for money-laundering and terrorist financing activities due to rampant corruption, banking-sector secrecy and an overall lack of financial transparency, a governance institute says in a report released this week.
The Switzerland-based Basel Institute on Governance has ranked Cambodia the third “highest-risk” country out of 144 listed for its failure to comply with anti-money laundering and counter-terrorism financing standards.
Cambodia’s ranking is based on standards and other “risk categories such as financial regulations, public transparency, corruption and rule of law”, according to the report’s authors.
Cambodia’s risk score is 8.46 out of 10, only slightly lower than Iran, which had the highest score at 8.57.
Cambodia is also the only “high-risk” country in Southeast Asia.
The report noted that it could only measure risk of money-laundering and terrorism financing since most of it occurs in “absolute secrecy”.
Transparency International executive director Kol Preap said the lack of transparency in Cambodia’s banking sector was paramount.
“Any significant amount of money could be channelled through this system of secrecy,” Kol Preap said yesterday.
“We don’t have any anti-money laundering law, but we also need a law for access to information so we can have the right to request these details and monitor the track of money,” he said, adding such a statute would assist in tracking corruption.
“Cambodia has a long way to go on transparency,” he said.
A 2007 US embassy cable published by the anti-secrecy organisation Wikileaks said the Cambodian government was in a “state of denial” about the potential for money-laundering.
Experts who examined Cambodia’s money-laundering vulnerabilities expressed “overall frustration with Cambodia’s weak attempts to police its financial sector”, the cable read.
National Bank of Cambodia officials could not be reached yesterday due to the public holiday.
8 comments:
Ah Hun Sen does not give a shit about the score.
The only terrorist in Khmer are Hun Sen and CPP.
be careful cambodia, sometime foreigners or ngos indirectly encourages corruption because they want cambodia to stay that way. so, i don't think it's all cambodia, it's sometimes foreigners who created the corruption, you know. so, i wouldn't say it all cambodia's fault!
^^^^^^^^^^^^^SHUT THE FUCK UP!!!!^^^^^^^
You know! I know! She know everything.
To 7:17AM
If foreigners want to stay that way we should stay? and If they want us to kill people we should kill. Some people said, Pol Pot regime learnt from China and accepted the idea. And now we charge them. Don`t blame any one, beside whom has power to manage every thing.
7:17 AM
This bitch will have her head cut off by Khmer heroes because of her bad and nonsense like Yuon Head's opinionated concepts, having no feeling about the real problems around this bitch. This bitch has a real mental problem just like autism.
This bitch thinks like a three years old kid like OK!, I Know!, Really!, You Know! etc, etc, etc on and on blah blah blah, not making any sense at all.
This OK! I Know!, Really!, You Know! etc, etc, etc on and on blah blah blah has no feeling that Cambodia is facing the real problem, but this bitch only sees the cover of the book mostly and never read inside the book.
This bitch like OK! I Know!, Really!, You Know! etc, etc, etc on and on blah blah blah posts comments showing the Penis and Virgina on the Pictures hanging on the Wall without paying attention to the real problems. That is all.
The Khmer terrorist have accounts in Switzerland Banks, means Switzerland indrect support the terrorist.
7:17am,
why don't they condemn communism creators that lead to the killing
such as in Cambodia, and not blaming on Khmer Rouge leader ?
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