Cambodia stuck on money laundering blacklist

Latest: Corruption and Money Laundering.

Cambodia stuck on money laundering blacklist

Motorists drive by the National Bank of Cambodia
 earlier this year, which is responsible for
monitoring the Kingdom’s financial
sector for money laundering.Heng Chivoan

Wed, 10 August 2016

Kali Kotoski;

Cambodia has been listed as the highest-risk nation in ASEAN, and ranks sixth globally, for its susceptibility to money laundering and terrorism financing in a recently released global index that charts the vulnerability of 149 nations.

The 2016 edition of the Basel Anti-Money Laundering (AML) Index, issued annually by the Switzerland-based Basel Institute on Governance, states that Cambodia has structural vulnerabilities within the financial sector, a weak judicial system and suffers from high rates of corruption.

Assessed on a risk scale from zero to 10 – with 10 being the highest risk – Cambodia ranked 7.89 on the index’s overall score. This was the worst ranking among all 10 ASEAN nations, and sixth globally behind Iran, Afghanistan, Tajikistan, Uganda and Guinea-Bissau.

The ranking comes from data compiled by Transparency International, the World Bank and the World Economic Forum.

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