Cambodia passes draft bills to curb money laundering, weapon financing
The National Assembly of Cambodia on June 4 adopted two draft laws on anti-money laundering (AML) and counter-terrorist financing (CFT) and on combating the financing of weapons of mass destruction (WMD) proliferation.
Cambodian Interior Minister Sar Kheng (Photo: khmertimeskh.com)Phnom Penh (VNA) - The National Assembly of Cambodia on June 4 adopted two draft laws on anti-money laundering (AML) and counter-terrorist financing (CFT) and on combating the financing of weapons of mass destruction (WMD) proliferation.
Speaking at the assembly's session, Cambodian Interior Minister Sar Kheng said the country became a member of the Asia Pacific Group (APG) on Money Laundering in 2004 and as its member, the kingdom is required to follow international standards on combating money laundering, terrorist financing and WMD proliferation financing.
According to the official, the draft law on AML and CFT is designed to combat money laundering and terrorist financing by identifying measures to control, prevent, crack down on and eliminate them. It also stipulates measures to freeze, restrain and seize assets in criminal proceedings, and to punish perpetrators.
Meanwhile, the draft bill on combating the financing of WMD proliferation was aimed at controlling on providing funds and services, such as financing, related to the export and trans-shipment of items that would contribute to the proliferation of WMD, he added.
The two draft laws will need to be finally reviewed by the Senate before being submitted to Cambodian King Norodom Sihamoni for promulgation./.
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