Cambodia: Money laundering problem
08 Mar 2017

Cambodia is vulnerable to money laundering due to a cash-based dollarized economy, porous borders and poor oversight of casinos at border frontiers, according to the latest International Narcotics Control Strategy Report from the US State Department.

“Both legal and illicit transactions, regardless of size, are frequently conducted outside of formal financial institutions and are difficult to monitor,” stated the report, adding that cash proceeds “from crime are readily channeled into land, housing, luxury goods, and other forms of property without passing through the formal banking sector.”

The US State Department report also stated that casinos along the Thailand and Vietnam borders are other potential avenues to launder money.

“Although gaming is illegal for Cambodian citizens but not for foreigners, Cambodians often participate in illegal gaming,” stated the report.

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