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) – TheCambodian Senate has approved the draft Law on Anti-Money Laundering andCombatting the Financing of Terrorism following its adoption by the NationalAssembly earlier this month.
The Senate said the draft law would prevent themisuse or exploitation of the financial market and help authorities identifymeasures to prevent and combat money laundering and terrorist financing.
Cambodian People’s Party (CPP) senator Chea Chethsaid the draft law, comprising nine chapters and 47 articles, will fulfil thedeficiencies in the existing law, which was adopted by the NA in April 2017 andratified by the Senate in May the same year.
It demonstrates Cambodia’s commitment toanti-money laundering following a report of the Asia-Pacific Group (APG),saying the country is linked to money-laundering.
Senator ChhayVanna said all contents of the draft are accurate and in conformity with theduties of Cambodia as a member of the APG on Money Laundering. The draft lawis in accordance with Article 113 of the Cambodian Constitution and other legalnorms in line with national and international law, he said. The same day, the Senate also approved the draftLaw on Anti-Financing of Proliferations of Weapon of Mass Destructions, whichconsists of eight chapters and 24 articles./.
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Cambodian senators vote on draft Law on Anti-Money Laundering and Combatting the Financing of Terrorism. (Photo: khmertimeskh.com) 
