Cambodia, US deepen cooperation to combat financial crimes

Cambodia, US deepen cooperation to combat financial crimes

Both sides discuss strengthening bilateral cooperation to address illicit financing and enhance regulatory coordination in the securities sector.

The National Bank of Cambodia and the United States Department of the Treasury Thursday committed to enhancing cooperation in information sharing aimed at tackling transnational financial crimes and strengthening financial system integrity in the Kingdom.

Chea Serey, Governor of the National Bank of Cambodia, received a courtesy visit from a US Department of the Treasury delegation led by Maida Furnia, Director of the Office of Terrorist Financing and Financial Crimes (TFFC) for the Asia-Pacific Region, in Phnom Penh on April 30.

During the meeting, the TFFC Director highlighted the important role of central banks and relevant authorities in safeguarding financial system integrity through effective oversight and coordination.

The NBC Governor responded by briefing about Cambodia’s priorities, including strengthening Know Your Customer (KYC) standards, promoting responsible finance, and enhancing cooperation with international partners to maintain financial stability and public confidence.

According to an NBC announcement, the discussions also emphasised the importance of international cooperation in addressing emerging risks in the financial sector, with both sides reaffirming their commitment to strengthening information sharing and collaboration.

In a statement shared on her social media, Serey confirmed that the meeting also included officials from the US Embassy in Cambodia and the Federal Bureau of Investigation (FBI), reflecting broader engagement between relevant agencies.

“The discussion underscored the importance of international cooperation in addressing emerging risks, including transnational financial crime,” she wrote.

On the same day, the TFFC Director also led the US delegation to meet Sou Socheat, Delegate of the Royal Government in charge as Director General of the Securities and Exchange Regulator of Cambodia (SERC), accompanied by Sok Sokunchivy, Deputy Director-General of SERC.

According to a SERC announcement, the meeting focused on updates regarding the Royal Government’s efforts to combat online scam operations. Both sides discussed strengthening bilateral cooperation to address illicit financing risks and enhance regulatory coordination in the securities sector.

It may be noted that on April 23, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury imposed sanctions on Kok An, a Cambodian senator, accusing him of controlling scam compounds across the Kingdom, along with 28 individuals and entities within his network.

According to the US Department of the Treasury, TFFC is responsible for developing and coordinating policies on anti-money laundering, counter-terrorism financing and proliferation financing.

It used the Treasury’s tools to address national security and foreign policy threats, protect the US and global financial systems from abuse, and lead international engagement for the Office of Terrorism and Financial Intelligence (TFI).

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