Anti-laundering law gets tougher penalties
The National Assembly yesterday passed a law to amend three articles in the anti-money laundering and terrorism financing law by a vote of 83 to six. Speaking at the start of session, Chea Chanto, governor of the National Bank of Cambodia, said the amendments would give the law more teeth by raising sentences and fines. Last year, Cambodia was ranked the third most-susceptible country (out of 144) to money-laundering by the Switzerland-based Basel Institute on Governance. Chief among its reasons was insufficient regulation and rampant corruption. … “I would like to raise … that in Cambodia there is presently about $1 billion in dirty money coming from corruption and illegal actions of powerful men and some dishonest companies,” he [Cambodia National Rescue Party lawmaker Yim Sovann] said. “We have the laws, but the measures taken to fight corruption are still weak, and this law might not really be effective.” …
http://www.phnompenhpost.com/2013050965513/National/anti-laundering-law-gets-tougher-penalties.html
