Bid to fight financial crime

Wednesday, 13 April 2011
Mary Kozlovski and Vong Sokheng
Source: Phnom Penh Post

The National Bank of Cambodia has agreed to exchange intelligence with Taiwanese authorities in a bid to combat terrorist financing, money laundering, and other financial crimes.

The memorandum of understanding was signed by Phan Ho, secretary-general of the NBC’s Financial Intelligence Unit, and director general of the Taiwanese Intelligence Bureau, Chang Chi-Ping, on Monday.

Nguon Sokha, director general and spokeswoman at the NBC, said the deal was “part of a global and regional move to combat money laundering and financing of terrorism”.

Cambodia and Taiwan are both members of the Asia-Pacific Group on Money Laundering, an international organisation which assists member countries in establishing systems to combat financial crime.

Mey Vann, director of the financial industry department at the Ministry of Economy and Finance and member of the NBC’s anti-money laundering committee, said the agreement complied with anti-money laundering legislation and APGML recommendations.

John Brinsden, Vice Chairman of ACLEDA Bank, said that banks were under increasing pressure to monitor transactions. “The current governor ... has opened up the banking system to scrutiny,” said Brinsden.

“You have to actually go back to banks and say ‘Who is that customer?’”
The Post reported last month that the central bank had signed MoUs with foreign financial inspection units in Malaysia, Sri Lanka and Bangladesh. Phan Ho could not be reached for comment.