Syria Yemen And Cambodia Appear On The AML And CFT Lists

Syria Yemen And Cambodia Appear On The AML And CFT Lists

There are 12 countries having jurisdictions with “strategic anti money laundering [AML] and combating the financing of terrorism [CFT] deficiencies”.

It is associated with Syria and Yemen that are devastated because of civil war also with the Bahama’s the destination that is established offshore. These are associated on the list of a global financial regulator the Financial Action Task Force (FATF) established in Paris, France.

In May, the spokesperson of Cambodian Ministry of Economy and Finance stated that Cambodian ministry issued license to over 100 casinos operate in that country.

In an announcement made on Friday, the FATF stated that this month Cambodia made a “high-level political commitment to work with the FATF” and another body – the Asia/Pacific Group on Money Laundering (APG) – to “strengthen the effectiveness of its anti-money laundering and combating the financing of terrorism regime and address any related technical deficiencies”.

There was a 10-point plan made in collaboration with the authorities of country that included, “implementing risk-based supervision for real estate and casinos”.

According to the latest documents, there had not been seen substantial progress in approach of Cambodia towards procedures of anti-money laundering since a mutual evaluation report between FATF and that nation approved in July 2017.

A follow up report in September 2018 by FATF stated, “the main deficiencies were that the outcomes of Cambodia’s 2016 national risk assessment had not been provided to reporting entities”.

In September 2018, FATF stated that the “main technical deficiencies” contains: “no domestic legal instruments that dealt with money laundering outside the ASEAN [Association of Southeast Asian Nations] Money Laundering framework, other than in relation to drug, corruption and terrorism-related offences; no clear process for the timely prioritization and execution of money laundering requests; no case management system to monitor requests; and no provisions to maintain the confidentiality of requests”.

Leave a Reply

Your email address will not be published. Required fields are marked *