Continue reading here... http://www.phnompenhpost.com/national/m ... rers-dreamCambodia's anti-money laundering agency is unable to investigate or penalise financial institutions that break the law, leaving the country open to exploitation by organised crime, according to a senior official in the unit.
The Financial Action Task Force (FATF) – the top international anti-money laundering and counterterrorism financing body – ceased its monitoring of Cambodia in February, even though the Financial Intelligence Unit (CAFIU), the state agency tasked with investigating and prosecuting financial crimes, was so under-staffed and under-resourced it had not investigated a single financial institution since its founding in 2008.
In early 2014, Cambodia was downgraded to FATF’s “dark-grey list” for lacking an asset-freezing instrument or a currency declaration system. The downgrade left the Kingdom just one step away from being blacklisted as a high-risk jurisdiction.
The government passed a sub-decree only a month later, which amended the 2007 Anti-Money Laundering Law to meet FATF’s requirements, leading the body to remove Cambodia from the list.
However, despite the progress on paper, CAFIU adviser Phan Ho told Daniel Glaser, assistant secretary for terrorist financing at the US Treasury Department, that while the unit was “working very hard to enforce” the law it “had only 10 people to inspect 38 banks and 37 [micro-finance institutions]”.
Cambodia - Money launderer’s dream
Cambodia - Money launderer’s dream
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
- Felgerkarb
- Sir Felgerkarb, Kt Pb
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A true investigation would bring down the entire government. The money is so tied into anyone with connections, it's impossible to investigate without getting a dirt nap.
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Why are the gods such vicious cunts?
Where is the god of tits and wine?
Why are the gods such vicious cunts?
Where is the god of tits and wine?
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- MerkinMaker
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It's also one of those crimes that likely has a net benefit for Cambodia. International money laundering is the process of linking illegal/informal currency (nontaxable) from country A, with the legal/formal economy of country B (taxable). Country A looses from the transaction, county B gains. This is why all the noise will come from country A, whilst country B will likely do the minimum possible to avoid appearing complicit.
In the short term, perhaps, starkmonster but that is economic suicide for Cambodia because without a burgeoning and self-reliant bona fide business community and culture, the country is doomed.
Everytime a new venture opens up in areas like BKK1, it's hard not to think - money laundering! New hotel? Dirty money. A new cafe or spa that gets renovated and refurbished every six months despite having no customers. Dirty money. New restaurant . . more money that needs to pass through the books.
Where are the legitimate businesses? When will Cambodia start to develop a culture of innovation and self-reliance, where businesses are built on risk, entrepreneurship and market demand?
The longer i am here, the longer I see it as a complete basketcase to be honest.
Everytime a new venture opens up in areas like BKK1, it's hard not to think - money laundering! New hotel? Dirty money. A new cafe or spa that gets renovated and refurbished every six months despite having no customers. Dirty money. New restaurant . . more money that needs to pass through the books.
Where are the legitimate businesses? When will Cambodia start to develop a culture of innovation and self-reliance, where businesses are built on risk, entrepreneurship and market demand?
The longer i am here, the longer I see it as a complete basketcase to be honest.
^^ How about that big indoor sun tanning place in that neighbourhood. Who the fuck goes there?
Makes me laugh every time I see it.
Makes me laugh every time I see it.
- Felgerkarb
- Sir Felgerkarb, Kt Pb
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What I have said for years. Cambodia expends vast amounts of money, but doesn't produce it.
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Why are the gods such vicious cunts?
Where is the god of tits and wine?
Why are the gods such vicious cunts?
Where is the god of tits and wine?
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- K440 Old Cunts Club
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I think that most people who live in that area happen to think the sun shines out of their arses, not at a tanning salon.RobW wrote:^^ How about that big indoor sun tanning place in that neighbourhood. Who the fuck goes there?
Makes me laugh every time I see it.
My posts are just jokes, maybe they're rude, offensive, and politically incorrect. They're not my opinion, viewpoint, idea, or judgement, but they're just fucking jokes so lighten up.
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- 20,000 Posts; I need professional help !
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You think they don't investigate? They investigate. And then the ask the perp for a contribution to make it go away.
I came, I argued, I'm out
Then what is your prognosis Felgerkarb? If the entire economy is based on dirty money and NGOs, and even the lowliest capital expenditure is funded solely through international grants and gifts (I'm thinking of things as lowly as gifts of Chinese police motorbikes here, or public buildings being financed by Japanese public money), what hope is there?Felgerkarb wrote:What I have said for years. Cambodia expends vast amounts of money, but doesn't produce it.
It seems a vicious circle to mediocrity to me.
Maybe I'm in a bit of funk, but I'm struggling to find one beacon of hope for the country, its economy, its people and its future at the moment.
I roll out the old argument that it's much better than it was for many, many people, and that's true, but I'm also struggling a bit to justify things, especially as I'm in HCMC at the moment and have watched the development of both cities over the past 20 years.....incomparable.scobienz wrote:Then what is your prognosis Felgerkarb? If the entire economy is based on dirty money and NGOs, and even the lowliest capital expenditure is funded solely through international grants and gifts (I'm thinking of things as lowly as gifts of Chinese police motorbikes here, or public buildings being financed by Japanese public money), what hope is there?Felgerkarb wrote:What I have said for years. Cambodia expends vast amounts of money, but doesn't produce it.
It seems a vicious circle to mediocrity to me.
Maybe I'm in a bit of funk, but I'm struggling to find one beacon of hope for the country, its economy, its people and its future at the moment.
Special friend is here with me and though she's impressed with HCMC, she is in a constant fury as to why PP hasn't turned out the same.
- Felgerkarb
- Sir Felgerkarb, Kt Pb
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If I figure out what's next, I'm not telling anyone here...gonna get in on that action myself.
That said, I don't see anything on the horizon at the moment.
As I stated before, I use the bargirl analogy, keep rotating boyfriends to keep monthly money coming in with no plan for the future. For boyfriend read NGO, foreign government flavor of the week pet projects, etc., dirty money, get rich quick investments, etc.. Why do anything else if the money flows so freely?
I remember one project I funded years ago. A few million bucks for some improvements....the fucking Ministry of the Interior complained that the free money I spent wasn't enough. They had zero allotted for it, I made the project happen...and they still complained. Just like a freaking bargirl...yoo no lub me, why no buy me iPhone, not want Galaxy...I find new boyfriend...
Fuck.
That said, I don't see anything on the horizon at the moment.
As I stated before, I use the bargirl analogy, keep rotating boyfriends to keep monthly money coming in with no plan for the future. For boyfriend read NGO, foreign government flavor of the week pet projects, etc., dirty money, get rich quick investments, etc.. Why do anything else if the money flows so freely?
I remember one project I funded years ago. A few million bucks for some improvements....the fucking Ministry of the Interior complained that the free money I spent wasn't enough. They had zero allotted for it, I made the project happen...and they still complained. Just like a freaking bargirl...yoo no lub me, why no buy me iPhone, not want Galaxy...I find new boyfriend...
Fuck.
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Why are the gods such vicious cunts?
Where is the god of tits and wine?
Why are the gods such vicious cunts?
Where is the god of tits and wine?
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- MerkinMaker
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RobW: To be fair Vietnam had a fifteen/twenty year head start. Significant FDI started there in the early nineties, here there was nothing before 2005, and only a real uptick after 2010.
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- MerkinMaker
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Scobienz: Cambodia is a small country surrounded by larger ones. It should try to emulate Switzerland and focus on (cough) "banking", prohok production and making expensive jewelry from the gold teeth of the dead.
Or it could go for the Asian tiger model of development, where by you let about five families grab all the wealth, then watch your economy grow as they get into an economic arms race with each other. The danger with that model is if rather than aggressively competing, they form a cartel (like Burma).
Or we could follow the NGO Forum and have the economy revolve around hotel banqueting, a tiny boutique neo-colonial service sector, interpretive dance and the production of overpriced tourist tat by LGBT victims of forced eviction.
Or it could go for the Asian tiger model of development, where by you let about five families grab all the wealth, then watch your economy grow as they get into an economic arms race with each other. The danger with that model is if rather than aggressively competing, they form a cartel (like Burma).
Or we could follow the NGO Forum and have the economy revolve around hotel banqueting, a tiny boutique neo-colonial service sector, interpretive dance and the production of overpriced tourist tat by LGBT victims of forced eviction.
- The third man
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It's true that once you've been here awhile, reality catches up with you and you realise ever facet of this fucked up system is due to a culture of entitlement like nowhere else on earth. Just read again the recent outburst of the intl bar association regarding courts and justice in this country.
Selling state land from under the people is the favourite way of the ruling mafia to fill their pockets. Nothing gets manufactured or grown here with a real competitive advantage, due to monopolistic energy prices that keep HE 's buddies happy. Tax, when collected, doesn't go towards infrastructure, trains, roads, but ends up on the same guys numbered accounts in Singapore, and in the Lexus dealerships.
They have a few historical landmarks like tuol sleng or the killing fields and even there they managed to sell the golden goose on the cheap, just like they fucked up Angkor Wat with their corrupt apsara authority paying peanuts to the government to "manage" the site.
Need a degree, a policeman, a judge? Killed or raped somebody lately? No problem for the ruling mafia. Their anti corruption unit is run by one of HE s close relatives, not the one with the $ 2 million Mc laren, that family has so many fingers in the pie they'd make the Corleones blush.
Yep, it ain't bad to have another place you can call home in times like those.
Selling state land from under the people is the favourite way of the ruling mafia to fill their pockets. Nothing gets manufactured or grown here with a real competitive advantage, due to monopolistic energy prices that keep HE 's buddies happy. Tax, when collected, doesn't go towards infrastructure, trains, roads, but ends up on the same guys numbered accounts in Singapore, and in the Lexus dealerships.
They have a few historical landmarks like tuol sleng or the killing fields and even there they managed to sell the golden goose on the cheap, just like they fucked up Angkor Wat with their corrupt apsara authority paying peanuts to the government to "manage" the site.
Need a degree, a policeman, a judge? Killed or raped somebody lately? No problem for the ruling mafia. Their anti corruption unit is run by one of HE s close relatives, not the one with the $ 2 million Mc laren, that family has so many fingers in the pie they'd make the Corleones blush.
Yep, it ain't bad to have another place you can call home in times like those.
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