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Bank Official Denies Money Laundry Claim

A senior official of the national bank denied on Wednesday that Cambodia’s banking laws have made the country an easy target for money laundering.

“We have taken strong actions to strengthen the Cambodian banking law to fight against money laundering and terrorism funding,” Tal Nay Im, director general of the National Bank of Cambodia said. “Each bank in Cambodia must respect the law, and if any bank is involved in money laundering or terrorism funding, it will face defamation and lose cooperation from international banks.”

The International Bar Association, a 60-year-old organization of more than 30,000 lawyers and 195 bar associations, has said Cambodia needs to improve its laws to prevent money laundering.