Cambodian Senate adopts draft law on anti-money laundering, terrorist financing combat
The Cambodian Senate has approved the draft Law on Anti-Money Laundering and Combatting the Financing of Terrorism following its adoption by the National Assembly earlier this month.
Cambodian senators vote on draft Law on Anti-Money Laundering and Combatting the Financing of Terrorism. (Photo: khmertimeskh.com)Phnom Penh (VNA) – The Cambodian Senate has approved the draft Law on Anti-Money Laundering and Combatting the Financing of Terrorism following its adoption by the National Assembly earlier this month.
The Senate said the draft law would prevent the misuse or exploitation of the financial market and help authorities identify measures to prevent and combat money laundering and terrorist financing.
Cambodian People’s Party (CPP) senator Chea Cheth said the draft law, comprising nine chapters and 47 articles, will fulfil the deficiencies in the existing law, which was adopted by the NA in April 2017 and ratified by the Senate in May the same year.
It demonstrates Cambodia’s commitment to anti-money laundering following a report of the Asia-Pacific Group (APG), saying the country is linked to money-laundering.
Senator Chhay Vanna said all contents of the draft are accurate and in conformity with the duties of Cambodia as a member of the APG on Money Laundering.
The draft law is in accordance with Article 113 of the Cambodian Constitution and other legal norms in line with national and international law, he said.
The same day, the Senate also approved the draft Law on Anti-Financing of Proliferations of Weapon of Mass Destructions, which consists of eight chapters and 24 articles./.
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