Law on Anti-Money Laundering and Combating Financing of Terrorism of Kingdom of Cambodia was adopted by the National Assembly on April 30, 2007 during its sixth session of third legislature and ratified by the Senate as to its entire form and legality on May 28, 2007 during it plenary session of the second legislature. This law was promulgated on June 24, 2007.
According to article 1 of this law, its has the purpose to set up measures against money laundering and financing terrorism as well as the organization and the control of these measures enforcement. The present law and other regulations set forth for it implementation are to be used for the prevention and the control of money laundering and financing of terrorism.
Under the present law, the following institution and professions are called the reporting entities and have the obligation to report:
- banks, including branches of foreign banks;
- non-bank financial institutions, including securities brokerage firms and insurance companies;
- micro finance institutions;
- credit cooperatives;
- leasing companies, investment and pension funds, investment companies and companies for managing investment funds;
- exchange offices;
- money emittance services;
- real estate agents, building and land;
- dealers in precious metals, stone and gems
- post office operating payments transactions;
- lawyers, notaries, accountants, auditors, investment advisors and asset managers when they prepare for or carry out transaction for their clients concerning the activities below:
- buying and selling real estate, building and land;
- Managing of client money, securities or other assets
- Creation, operation or management of legal persons or arrangement, and buying and selling of business entities;
- Trust or company providing services when they prepare for or carry out transactions for client concerning the following:
* acting as a formation agent of legal persons;
* acting as or arranging for another person to act as a director or secretary of company,
a partner of a partnership, or a similar position in relation to other legal persons;
* providing a registered office; business address or
accommodation, correspondence or
administrative address for a company, a
partnership or any other legal person or
arrangement;
* acting as or arranging for another person to act as a trustee of an express trust
* acting as or arranging for another person to act as a nominee
shareholder for another
person.
- casinos and other gambling institutions;
- Non-governmental organizations and foundations engaging m business activities and fund raising;
- Any other institutions or professions that are designated by the FIU to fall within the scope of the present Law.
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