CAFIUChinese Association for International Understanding
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The CAFIU uses automated tools and filters to determine the flow of financial transactions and determine suspicious transactions filed with law enforcement agencies.
The AML law excludes pawn shops from its explicit list of covered entities but allows the CAFIU to designate any other profession or institution to be included within the scope of the law.
The panel, comprised of the CAFIU and relevant law enforcement agencies, serves as a mechanism to strengthen cooperation among AML regulatory and law enforcement bodies.
The Government of Cambodia should take further steps to implement adequate procedures for the confiscation of funds related to money laundering, ensure an effective CAFIU, and fully implement controls for cross-border cash movements.
Wang added, Currently CAFIU has establish links with more than 130 social organizations, political parties and academic institutions in about 50 countries.
However, large cash reporting is not yet consistently implemented due to lack of a unified reporting mechanism and a CAFIU database.
Although there is a legal requirement to declare to Cambodian Customs the movement of more than $10,000 into or out of the country, in practice there is no effective oversight of cash movement across the border or reporting to the CAFIU.
The AML/CFT Law authorizes the CAFIU to exchange information with its foreign FIU counterparts, and to conclude reciprocal cooperation agreements.