Cambodia, the casino’s jurisdiction, has been excluded from the so-called “gray list” of the Financial Conduct Task Force (FATF), an anti-money laundering (AML) watchdog, according to an announcement on Friday.
The group said Cambodia is one of two jurisdictions that “no longer has increased surveillance” regarding its approach to preventing money laundering and responding to terrorist financing after an updated review. 파칭코사이트인포
Yet another regional casino jurisdiction, the Philippines, remains on the FATF grey list. The group said that while the Philippines “continued to proceed throughout the action plan,” all deadlines for current progress “have now expired and work remains.”
Such required work included “showing that supervisors are responding to anti-money laundering and terrorism-control financing to mitigate risks associated with casino junkets.”
In January, the governor of the Philippine central bank was quoted as saying a one-year extension was given until January 2024 to meet the financial criteria needed for the Philippines to move away from the FATF risk list.
Jurisdiction of the FATF grey list could experience “disturbance in capital flows,” according to an International Monetary Fund May 2021 study report.
In an update on Friday following a three-day plenary session, the FATF said Cambodia had “resolved the technical glitches to meet the commitment of the action plan to the strategic glitches identified by the FATF in February 2019 and 2021, respectively.”
Cambodia has announced it will “continue to work” with its member “FATF-style regional group” to prevent money laundering and “strengthen” financing by the terrorist regime.
A senior Cambodian government official was quoted as saying in November that his country would have done enough to escape the ‘gray’ designation when the watchdog completed its scheduled visit there earlier this year.