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Worldwide monetary crime watchdog the Monetary Motion Job Drive (FATF) stated on Friday it eliminated Cambodia, together with Morocco, from its “gray listing” regarding cash laundering.
The gray listing incorporates international locations below particular scrutiny to implement requirements to stop cash laundering and terrorism financing. Cambodia had been on this listing for 4 consecutive years since 2019.
With its new standing, Cambodia is now not topic to elevated monitoring by the FATF.
“Jurisdictions below elevated monitoring are actively working with the FATF to handle strategic deficiencies of their regimes to counter cash laundering, terrorist financing, and proliferation financing,” FATF stated in its report.
In the meantime, new international locations topic to elevated monitoring are South Africa and Nigeria.
The removing of Cambodia from FATF’s gray listing thus fulfills the Cambodian authorities’s want, as since 2019 the related establishments have been working actively on boosting regulation enforcement on cash laundering and different monetary crimes within the Kingdom’s territories.
For instance, in 2020, the draft regulation on anti-money laundering and terrorist financing or cash laundering was authorized by the Council of Ministers of Cambodia for high-risk sectors for cash laundering in Cambodia embody banking, finance, building, actual property and casinos.
- Tags: anti-corruption, Monetary Motion Job Drive
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