A specialized group has been established by the Ministry of Justice to address concerns related to money laundering, terrorist financing, and the funding of weapons of mass destruction (WMD). The initiative, announced recently, is aimed at comprehensive risk assessment and implementing effective measures to mitigate vulnerabilities.
Comprising a chairman, a deputy chairman, and a total of 51 members, the newly formed working group was disclosed in an announcement made yesterday. Keng Somarith, Secretary of State of the Ministry of Justice, has been appointed as the Chairman, with Song Chavoan, Undersecretary of State, Pen Pichsaly, Government Delegate and Director General of Prosecution and Criminal Affairs, and Khlok Dara, Government Delegate and Director General of International Affairs and Development, serving as Vice-Chairmen.
Minister of Justice Keut Rith stated that the primary objective of the task force is to identify and analyze threats posed by money laundering, terrorist financing, and the funding of WMD proliferation. Additionally, the working group will focus on developing strategies and preventive measures to effectively reduce these risks.
Rith emphasized that the working group is entrusted with preparing a comprehensive report on the outcomes of the risk assessment related to money laundering, terrorist financing, and the financing of weapons of mass destruction. This report will be presented to the National Sub-Committee on Risk Assessment on Money Laundering, Terrorism Financing, and the Proliferation of WMDs.
Furthermore, the Minister highlighted the crucial role of the Vice-Chairmen and members of the working group, emphasizing their obligation to actively participate in meetings and execute tasks assigned by the Chairman.
Yang Kim Eng, Executive Director of the People’s Centre for Peace and Development, praised the establishment of the task force as a positive step towards Cambodia’s aspirations regarding its status with the Financial Action Task Force (FATF). He stressed the necessity for Cambodia to demonstrate unwavering commitment in the long term to mitigate risks associated with money laundering, terrorist financing, and WMD funding.
The decision to form the working group aims to enhance collaboration among various units under the Ministry of Justice to efficiently fulfill their respective responsibilities.
Cambodia’s efforts in combating money laundering and terrorist financing began on June 27, 2020, with the enactment of stringent laws in response to concerns raised by international bodies like the FATF and the European Union. The anti-money laundering and anti-terrorist financing law, comprising nine Articles and 47 Chapters, underscores Cambodia’s commitment to combat illicit financial activities within its borders.
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