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Cambodia's National Assembly passes law against money laundering, terrorist financing

Cambodia's National Assembly passes law against money laundering, terrorist financing

Cambodia's National Assembly on Monday unanimously approved legislation to combat money laundering and terrorism financing, but critics described the bill as too weak.
All 77 lawmakers who attended the assembly session voted for the bill, which was endorsed by the Cabinet last July.
The government hopes the legislation will boost investors' confidence in doing business in Cambodia and counter criticism that the country is a place for illegal financial activities.
The legislation must be passed by the Senate and signed by the king before it can take effect, but those steps are considered formalities.
Central bank Governor Chea Chanto called the legislation "an important legal instrument and foundation for thwarting and cracking down on any attempts of money laundering and terrorist financing in Cambodia."
But critics said it was weak because the maximum penalty is only one year in jail and a fine of 5 million riel (US$1,250;