Australia congratulates Cambodia on the historic passing of new laws combatting money laundering and proliferation financing, that have received Royal Assent and are now in effect, according to a media release of the Australian Embassy in Phnom Penh dated July 6.
“The enactment of the Anti-Money Laundering and Combating the Financing of Terrorism laws represents a significant milestone for the Cambodian Government and its people,” said H.E. Pablo Kang, Australian Ambassador to Cambodia.
“It is also a proud and historic moment in the bilateral relationship between our two countries, as we have worked in partnership to strengthen these laws together,” he added.
Since 2018, the press release pointed out, Australia’s Department of Home Affairs and Attorney-General’s Department worked closely with Cambodian officials to improve the legislative framework to address transnational crime, including technical drafting advice for these laws.
As a member of the Asia/Pacific Group on Money Laundering, Cambodia committed to establishing legislative frameworks to counter proliferation financing. Under the new laws, Cambodia will be able to implement targeted financial sanctions to deprive proliferation financiers of their funds, which will protect Cambodians from the threat of weapons of mass destruction.
Cambodia will also be better positioned to ensure that criminals cannot evade prosecution because the evidence or proceeds of their crimes are in different countries. This will create safer communities and a more secure region.
“As a long-standing and reliable bilateral partner, I am pleased Australia could work with our Cambodian counterparts to develop these important legal frameworks,” H.E. Ambassador Kang said.
“We look forward to continuing our engagement with Cambodia on transnational crime issues to promote greater security and stability in our region,” said Dan Mossop, Assistant Secretary, Transnational Crime Policy Branch, Department of Home Affairs.
On June 4, 2020, the National Assembly approved the draft law on anti-money laundering and combatting the financing of terrorism consisting of nine chapters and 47 articles, and the draft law on countering the financing of proliferation of weapons of mass destruction (WMD) composed of 8 chapters and 24 articles.
Source: Agency Kampuchea Press