The Associated Press, July 14, 2006
PHNOM PENH, Cambodia
Cambodia's Cabinet on Friday endorsed legislation to combat money laundering and terrorist financing, a government statement said.
It said the draft law would not only serve as "an important legal instrument" for dealing with terrorism risks, but would also help fight the "distortion" of Cambodia's image as a place for laundering money and financing terror.
Experts from the International Monetary Fund and the Asian Development Bank helped Cambodia's central bank draft the law, the government statement said.
The draft must still be discussed and approved by the legislature to become law.
Last week, the Cabinet also approved a draft counterterrorism bill aimed at strengthening its ability to tackle domestic terrorism and prevent extremists using the country as a base.
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.
By introducing a law against money laundering and terrorist financing, the government hopes to increase its cooperation in the global fight against terrorism and boost investors' confidence in doing business in Cambodia, the statement said.
PHNOM PENH, Cambodia
Cambodia's Cabinet on Friday endorsed legislation to combat money laundering and terrorist financing, a government statement said.
It said the draft law would not only serve as "an important legal instrument" for dealing with terrorism risks, but would also help fight the "distortion" of Cambodia's image as a place for laundering money and financing terror.
Experts from the International Monetary Fund and the Asian Development Bank helped Cambodia's central bank draft the law, the government statement said.
The draft must still be discussed and approved by the legislature to become law.
Last week, the Cabinet also approved a draft counterterrorism bill aimed at strengthening its ability to tackle domestic terrorism and prevent extremists using the country as a base.
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.
By introducing a law against money laundering and terrorist financing, the government hopes to increase its cooperation in the global fight against terrorism and boost investors' confidence in doing business in Cambodia, the statement said.
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