By Ek Tha
PHNOM PENH, Dec. 19, 2012 (PRU) – His Excellency
Deputy Prime Minister Dr. Sok An reassured the delegates from the Asia/Pacific
Group On Money Laundering (APG) on Wednesday that Cambodia is fully committed
to implement adequate procedures to identify and freeze terrorist assets,
establishing and implementing adequate procedures for the confiscation
of funds related to money laundering; ensuring a fully operational
and effective functioning Financial Intelligence Unit; as well as
establishing and implementing effective controls for cross-border cash
transactions.
Cambodia is one of the 41 members under APG
jurisdiction and a number of observer jurisdictions and international and
regional observer organizations. The National Bank of Cambodia had signed the
action plan with APG in June, 2011, aimed at addressing the said five key
points.
The APG is also known as the Asia/Pacific Group
on Money Laundering (APGML) and is the Financial Action Task Force (FATF),
a regional body for the Asia/Pacific region. It is an autonomous international
organization founded in 1997 in Bangkok, Thailand.
In the meeting with David Shannon, the Principal
Executive Officer of the Sydney based APG Secretariat, His Excellency Dr. Sok
An said that Cambodia’s National Bank of Cambodia is drafting a law of full
compliance to address the issues.
The concerned institutions of the Royal Government
of Cambodia will send a letter assuring its commitment to the FATF in January
next year, said the Deputy Prime Minister.
His Excellency Dr. Sok An said that the technical
team of Asia/Pacific Group on Money Laundering (APGML) should jointly work
with the National Bank of Cambodia on the draft of law before sending it to the
Jurist Council and Economic, Social and Cultural Council (ECOSOCC) for
reviewing followed by submitting to a full cabinet meeting that will be chaired
by Samdech Prime Minister Hun Sen.
In response, Shannon of the APG said his team would
look into assisting Cambodia with regard to the drafting of law that will be in
full compliance in addressing the said issues.
The draft law will be further sent to the internal
commissions of the National Assembly ahead of full session of the legislative
body and the Senate before seeking His Majesty the King’s approval followed by
promulgation, His Excellency Dr. Sok An explained to the delegation including
the International Cooperation Review Group (ICRG) of Financial Action Task
Force (FATF).
The Deputy Prime Minister said that despite Cambodia
being busy with its upcoming national election in July next year, the political
commitment of the Royal Government of Cambodia remains unchanged toward the
said issues. To achieve that commitment the government will have to seek the
legislative body to hold its extra-ordinary session to approve the draft law.
“We will do our best to get the law full compliance before the end of June next
year,” His Excellency Dr. Sok An assured the delegation.
End item.