VN, Cambodia fight money laundering [-Will Vietnam help arrest accused money launderer Hun To?]

Governor of the State Bank of Vietnam Nguyen Van Binh and Governor of the National Bank of Cambodia Chea Chanto at the signing ceremony. (Photo: VNA)

Thu, March 29, 2012
VNA

Vietnam and Cambodia have signed a memorandum of understanding (MoU) on the exchange of information in the fight against money laundering and terrorism financing.

The MoU was inked by Governor of the State Bank of Vietnam Nguyen Van Binh and Governor of the National Bank of Cambodia Chea Chanto in Phnom Penh on March 28.

The cooperation will create conditions for the two countries’ financial investigation agencies to learn experience from each other in tracking down, preventing and eliminating money laundering and financing for terrorists in their countries.

CPP Chea Chanto: Cambodia would create favourable conditions for Hun Sen's Viet bosses to open bank branches in the Cambodia

PM welcomes Cambodian bank governor

December 19, 2008

Nhan Dan – Prime Minister Nguyen Tan Dung on December 18 received the visiting National Bank of Cambodia (NBC) delegation led by Governor Chea Chanto.

Governor Chea Chanto said that the relations between the State Bank of Vietnam (SBV) and the NBC have seen ever more progress on the basis of the two countries’ traditional friendly co-operation.

He informed PM Dung that during his visit to Vietnam, the two central banks exchanged views on the economic situation in their respective countries and on their activities in the areas of monetary policy, inspections and operation of credit organisations. Two sides signed a memorandum of understanding on the exchange of information regarding banking inspections to create a legal foundation for stricter management in order to help the two countries’ commercial banks operate in a safer and more secure manner in the context of international competition and integration.

Governor Chanto affirmed that the Cambodian authorities would create favourable conditions for the Vietnamese commercial banks to open their branches in the Cambodia.

PM Dung highly appreciated the co-operation between SBV and NBC, particularly the agreement signed during Governor Chea Chanto’s working visit.

He said that the Vietnamese Government and people would do their utmost to boost the friendly, co-operative and neighbourly relations between Vietnam and Cambodia in the interests of their people.

According to PM Dung, Cambodia’s recent granting of licences to two Vietnamese banks to open their branches in the country will help increase the two countries’ trade value to US$2 billion by 2010 and encourage Vietnamese businesses to invest in Cambodia.

Cambodia and ADB discuss partnership on integrated, sound financial system

June 07, 2007

Cambodia held a symposium on the partnership with the Asian Development Bank (ADB) to build an integrated and sound financial system here on Thursday.

"Today's symposium marks an important milestone in the history of Cambodia's financial sector reform and development," Arjun Goswami, ADB Country Director in Cambodia, said in his opening remarks.

"Not only have we got the privilege of having Prime Minister Hun Sen to grace the occasion and formally launch the Financial Sector Development Strategy 2006-2015, but we also have such a rare opportunity to sit together with such distinguished officials to witness how Cambodia's financial sector came to shape, share its achievements and progress, and discuss the Government's future strategy in continuing the reforms and addressing the challenges, and hear first hand the reform lessons from neighboring countries in this dynamic and fast growing region," Goswami said.

The pace of Cambodia's economic growth rate in recent years, the challenges and competition it faces in the regional area, and most importantly the goal of bringing the large majority of rural Cambodians an affordable and better access to financial services demand all of the participants to maintain the moment of reforms while being cautious of the underling risks and challenges, he said.

The development of the private sector and growth of financial market demand them to deliver quality and effective results of policy, regulatory, institutional and legal reforms necessary for a sustained, sound and vibrant financial system, he added.

The symposium, attended by Chea Chanto, Governor of National Bank of Cambodia, Keat Chhon, Cambodian Minister of Economics and Finance and other government officials, will last a full day.

Source: Xinhua