News

Cambodia’s central bank has revoked the license of Panda Commercial Bank, it said on Monday. The lender has reported links to a sanctioned firm accused of laundering billions of dollars for scam networks. ...

According to Chinese state media, the Chinese Ministry of Public Security announced on January 8 that, with the support and cooperation of Cambodian officials, a working group dispatched by the ministry on January 7 successfully extradited Chinese national Chen Zhi, the alleged head of a ...

Following the arrest of its founder Chen Zhi, Prince Bank has been suspended from providing new banking services, including accepting deposits and granting loans. Morisonkak MKA Audit-Accounting Co., Ltd. has been authorised to control and manage all operations and assets of Prince Bank Plc. effective ...

A report from Cambodia China Times which claimed that Chen Zhi, founder and former chairman of Prince Group, was arrested in Cambodia and sent back to China to face possible charges, has been confirmed. It was not immediately clear when he was deported, or what, ...

Cambodian businessman and Senator Ly Yong Phat, founder of the LYP Group, has strongly rejected Thai media reports which link him to cybercrime and money laundering networks, calling the allegations “fake and damaging to his reputation”. ...

Phnom Penh-based Huione Pay was seen taking down its signage on Wednesday, six days after the U.S. Treasury flagged its parent, Huione Group, as a primary money laundering concern and moved to cut it off from the U.S. financial system. ...

In a proactive move to safeguard against money laundering, terrorist financing and the funding of weapons of mass destruction (WMD), the Ministry of Justice has established a specialised working group. ...

The real estate industry in Cambodia has been identified as a high-risk sector for money laundering due to a number of factors. In recent years, the industry has experienced substantial growth, which has attracted foreign investors, particularly from China. This has led to a substantial influx ...

The General Department of Taxation (GTD) of the Ministry of Economy and Finance (MEF) has collected more than $2.94 billion of tax revenue for the period of first 10 months this year, which passes the amount set in the budget law 2022 and increases 26.96 ...

The Ministry of Justice conducted on a meeting on “Expedition of Procedure of Money Laundering Cases” under the presidency by Koeut Rith, Minister of Justice and the President of the Ad-Hoc Sub-Committee for the Implementation of Action Plans of the Joint Group of Asia/Pacific Group ...

A working group from the Ministry of Justice is disseminating the contents of the laws on “Combatting the Financing of Proliferation of Weapons of Mass Destruction” and “Anti-Money Laundering and Financing of Terrorism” to bring Cambodia into compliance with the conditions set forth in the ...

The authorities have successfully thwarted at least two attempts to smuggle billions of dollars into Cambodia. ...

Interior Minister Sar Kheng yesterday held a meeting to review a draft law on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) in a bid to curb money laundering in the Kingdom. The move is motivated by the global money-laundering watchdog Financial Action ...

After global money-laundering watchdog Financial Action Task Force placed the Kingdom on its grey list last year, the Interior Ministry has cracked down on 75 cases, seized about $8 million and confiscated nearly 3,000 vehicles. ...

Prime Minister Hun Sen has vowed to clamp down on all online and arcade gambling operations in a move to safeguard national security and curb money laundering in the Kingdom. ...

Cambodia is finding it hard to shake off its reputation as a ‘haven’ for dirty money. Despite the government’s best efforts, the Kingdom remains among the countries most vulnerable to the flow of illegal money, according to the latest report coming from the Financial Action Task ...

Minister of Interior Sar Kheng has expressed concerns that recent money laundering cases involving huge sums will see Cambodia placed on a global financial blacklist. He called on the authorities to crack down hard on the crime or the Kingdom would be “dead” as it ...

The spokesman for the Ministry of Foreign Affairs hit back at news reports about Chinese investors laundering their money through Cambodia’s real estate market on Monday, calling them “baseless”. ...

The Anti-Corruption Unit is to launch a 15-month campaign against money laundering to keep Cambodia off an international blacklist. The ACU held a workshop yesterday on ways to fight money laundering with 48 of its own officials, along with police and court officials. ...

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 ...

An online trading firm based in the tax haven of Cyprus is planning to open a subsidiary in Cambodia, an account manager at IronFX’s headquarters in Cyprus said yesterday. “We are on the planning stage in Cambodia. We are now studying law and regulations in the ...

Philippe Laurent became secretary-general of Cambodia Airports in May 2008. He was one of six senior executives in charge of the country’s international airports in Phnom Penh, Siem Reap and the little-used facility in Sihanoukville. Mr. Laurent is now carrying out a one-man campaign against ...

The Council of Ministers on Friday approved a draft law amending three articles in the law on anti-money laundering and the financing of terrorism in order to make Cambodia more investment-friendly. Last month, the National Bank of Cambodia’s Financial Intelligence Unit (FIU), law enforcement officials ...

With Cambodia currently seen as a country where the laundering of illicit cash may be going undetected, an international expert yesterday warned that economic growth and more international trade could leave the country open to financial crime. Gert Demmink, a former head of supervision at ...