Posted on 13 February 2009
The Mirror, Vol. 13, No. 599
“Government officials said on Wednesday that the government will take measures to control all financial transactions which could, at present, be related to money laundering through banks, to prevent financial problems so that everything is up to international standards.
“A senior official of the Cambodian People’s Party and chairperson of the Commission on Finance, Banking, and Audits of the National Assembly said, ‘If there is money laundering and we do not have related legislation, it might create difficulties when international countries observe everything.’
“Mr. Cheam Yeap added, ‘If there is money laundering, this might trouble us when everything that happens is internationally observed, because it is absolutely prohibited that such money is spent in any other country, and we also will prohibit it, when we have related legislation.
Therefore, the Royal Government will control everything well to avoid any activities against international laws, and if there are clear laws, nothing will be allowed to happen in future.’
“Mr. Cheam Yeap, a high ranking CPP official, made this statement as Cambodia plans to launch a stock exchange market this year, while Cambodia cannot avoid being affected by the global crisis.
“Mr. Cheam Yeap told Deum Ampil, ‘Money laundering has little effect, but corruption has strong effects. Therefore, after a criminal code will have been drafted, we will include all articles regarding corruption into the anti-corruption regulations of Cambodia.’
“Mr. Cheam Yeap went on to say, ‘This is not new, and the government took it up to draft a law to clearly organize structures how to act, because investors will come to deposit their assets in Cambodia.’
“Regarding the opening of a stock exchange market during this year, Mr. Cheam Yeap said, ‘Before investors in Cambodia cooperate with foreign countries such as Korea and Japan, they do whatever is possible for those who have money, to buy stakes even if it is a risky investment, at a time when international countries face a downturn and there will be some losses.’ [Note: original is difficult to interpret].
“Cambodian officials still assure the plan to open a stock exchange market in the city this year, while the global economy is facing a crisis and economic meltdown, even though there was some plan late last year to delay the stock exchange market. [Note: it seems that the Korea based construction activities for a 42 stories Double Gold Tower building, at the intersection between Sihanouk and Monivong Boulevards in Phnom Penh, are at present suspended].
“In view of the global economic crisis, and the stability of the Cambodian economy, economists voiced the concern that a stock exchange market in Phnom Penh might become a source of money laundering, involving banks which at present lack clear control according to international standard. [Note: The Cambodia Daily reports on the same day: “IMF Criticizes Bank of Cambodia for Its Weak Supervision”]
“However, officials of the Royal Government said that the government will not let such bad problems happen. Previously, there were distorted reports about money laundering committed by dishonest groups, but they had been denied by senior officials of the government.
“According to a plan by the South Korean government [Note: actually, this seems to be a misunderstanding – this was not a 'government' plan], the stock exchange of Seoul will help [interested business groups in] Cambodia to prepare a stock exchange market in Phnom Penh, to become a place for gathering sources of capital for developing the country. According of figures from the Ministry of Economy and Finance of Cambodia, the Cambodian economy grew in 2008 with a higher rate than during the year before [Note: Various sources mention 2007 10.2%, 2008 6.5%, 2009 4.8% or less predicted], which is a new strong boost to encourage the creation of a stock exchange market in Cambodia, assuming it will proceed smoothly. Due to the financial crisis, starting from America, banks in Korea are directly affected, and this causes the suspension of investment loans in foreign countries, and resulted in large-scale projects in Cambodia to be changed since mid and late 2008.”
Deum Ampil, Vol.3, #115, 12.2.2009
Newspapers Appearing on the Newsstand:
Thursday, 12 February 2009
The Mirror, Vol. 13, No. 599
“Government officials said on Wednesday that the government will take measures to control all financial transactions which could, at present, be related to money laundering through banks, to prevent financial problems so that everything is up to international standards.
“A senior official of the Cambodian People’s Party and chairperson of the Commission on Finance, Banking, and Audits of the National Assembly said, ‘If there is money laundering and we do not have related legislation, it might create difficulties when international countries observe everything.’
“Mr. Cheam Yeap added, ‘If there is money laundering, this might trouble us when everything that happens is internationally observed, because it is absolutely prohibited that such money is spent in any other country, and we also will prohibit it, when we have related legislation.
Therefore, the Royal Government will control everything well to avoid any activities against international laws, and if there are clear laws, nothing will be allowed to happen in future.’
“Mr. Cheam Yeap, a high ranking CPP official, made this statement as Cambodia plans to launch a stock exchange market this year, while Cambodia cannot avoid being affected by the global crisis.
“Mr. Cheam Yeap told Deum Ampil, ‘Money laundering has little effect, but corruption has strong effects. Therefore, after a criminal code will have been drafted, we will include all articles regarding corruption into the anti-corruption regulations of Cambodia.’
“Mr. Cheam Yeap went on to say, ‘This is not new, and the government took it up to draft a law to clearly organize structures how to act, because investors will come to deposit their assets in Cambodia.’
“Regarding the opening of a stock exchange market during this year, Mr. Cheam Yeap said, ‘Before investors in Cambodia cooperate with foreign countries such as Korea and Japan, they do whatever is possible for those who have money, to buy stakes even if it is a risky investment, at a time when international countries face a downturn and there will be some losses.’ [Note: original is difficult to interpret].
“Cambodian officials still assure the plan to open a stock exchange market in the city this year, while the global economy is facing a crisis and economic meltdown, even though there was some plan late last year to delay the stock exchange market. [Note: it seems that the Korea based construction activities for a 42 stories Double Gold Tower building, at the intersection between Sihanouk and Monivong Boulevards in Phnom Penh, are at present suspended].
“In view of the global economic crisis, and the stability of the Cambodian economy, economists voiced the concern that a stock exchange market in Phnom Penh might become a source of money laundering, involving banks which at present lack clear control according to international standard. [Note: The Cambodia Daily reports on the same day: “IMF Criticizes Bank of Cambodia for Its Weak Supervision”]
“However, officials of the Royal Government said that the government will not let such bad problems happen. Previously, there were distorted reports about money laundering committed by dishonest groups, but they had been denied by senior officials of the government.
“According to a plan by the South Korean government [Note: actually, this seems to be a misunderstanding – this was not a 'government' plan], the stock exchange of Seoul will help [interested business groups in] Cambodia to prepare a stock exchange market in Phnom Penh, to become a place for gathering sources of capital for developing the country. According of figures from the Ministry of Economy and Finance of Cambodia, the Cambodian economy grew in 2008 with a higher rate than during the year before [Note: Various sources mention 2007 10.2%, 2008 6.5%, 2009 4.8% or less predicted], which is a new strong boost to encourage the creation of a stock exchange market in Cambodia, assuming it will proceed smoothly. Due to the financial crisis, starting from America, banks in Korea are directly affected, and this causes the suspension of investment loans in foreign countries, and resulted in large-scale projects in Cambodia to be changed since mid and late 2008.”
Deum Ampil, Vol.3, #115, 12.2.2009
Newspapers Appearing on the Newsstand:
Thursday, 12 February 2009
No comments:
Post a Comment