Cambodia in money laundering challenge

[Doc67]

Cambodia and 11 other countries are likely to be added to the list of states that “pose significant threats” to the EU’s financial systems for failures to tackle money laundering and terrorism financing, according to draft documents seen by Reuters and expected to be published on Thursday.

This looks like more bad news. That blacklist is about as bad as it gets. I don't like the sound if this.

Cambodia joined Panama, the Bahamas, Mauritius, Barbados, Botswana, Ghana, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe in the expanded list, which is due to take effect in October.

Countries that were already on the blacklist are Afghanistan, Iraq, Vanuatu, Pakistan, Syria, Yemen, Uganda, Trinidad and Tobago, Iran and North Korea.

Countries and individuals based in Cambodia could find it tougher to use the international financial system, he said.

If approved, banks and other financial and tax companies will be required to scrutinise more closely their clients that have dealings with countries included in the blacklist. Companies in these countries are also banned from receiving new EU funding

https://www.phnompenhpost.com/national/ ... -challenge

[Fourkinnel]

So this won't spoil my UK direct debit to My Prince pen-friend in Nigeria!

[samrong01]

Botswana? Its the least corrupt country in Africa.

[Doc67]

Botswana? Its the least corrupt country in Africa.

They are obviously not bribing the right officials in the EU, unlike Saudi Arabia, who kept themselves off the list despite being the #1 funders of terrorism in the world.

Saudi Arabia, the current holder of the G20 presidency, was also spared from the list after “pressure” from the oil-producing powerhouse.

[samrong01]

I suspect that EU registered ships may find it expensive or impossible to use the Panama Canal if Panama is included.

[truffledog]

Cambodia and 11 other countries are likely to be added to the list of states that “pose significant threats” to the EU’s financial systems for failures to tackle money laundering and terrorism financing, according to draft documents seen by Reuters and expected to be published on Thursday.

This looks like more bad news. That blacklist is about as bad as it gets. I don't like the sound if this.

Cambodia joined Panama, the Bahamas, Mauritius, Barbados, Botswana, Ghana, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe in the expanded list, which is due to take effect in October.

Countries that were already on the blacklist are Afghanistan, Iraq, Vanuatu, Pakistan, Syria, Yemen, Uganda, Trinidad and Tobago, Iran and North Korea.

Countries and individuals based in Cambodia could find it tougher to use the international financial system, he said.

If approved, banks and other financial and tax companies will be required to scrutinise more closely their clients that have dealings with countries included in the blacklist. Companies in these countries are also banned from receiving new EU funding

https://www.phnompenhpost.com/national/ ... -challenge

I guess those chinese arriving with some unaccounted millions in cash at the aiport have had their impact.

[Cooldude]

Did they somehow mistakenly omit Nigeria? WTF?

[Alex]

Shame, I've really enjoyed laundering money in Cambodia. It will probably come to an end before long.

[numacsys]

Did they somehow mistakenly omit Nigeria? WTF?

I too am puzzled about this omission. Nigeria and all these other countries where corruption is rife. Inclusion in the list is probably based on whether or not a country's laws mete out penalties for financial offenses or if the country has such laws irrespective of them being enforced or not. Take for example the Philippines. The country has an AMLA authority overseeing banks, casinos etc. Corruption is rife and yet they are not on the blacklist. Not even on the grey list.

So if included in the list, will this have an effect on overseas acceptance of bank cards issued by Cambodian banks? I would hate to travel with a wheelbarrow full of cash.

[fazur]

Shame, I've really enjoyed laundering money in Cambodia. It will probably come to an end before long.

i'll have to take my $1000 monthly 'pension' elsewhere I guess