Money Laundering Made Harder

[geovalin]

 

An agreement by local technology consulting company IDEALINK and Malaysia-based TESS International will see increased availability of software to combat money laundering in Cambodia. Ranked as one of the countries most at-risk to money laundering globally, a lack of data collection and sophisticated monitoring solutions means that this partnership is of immediate value to Cambodian institutions, Chhor Sophanak, IDEALINK managing director said at the press conference to mark the agreement yesterday.
 

“Cambodia has money laundering within the country, but there has been no data recorded since Cambodia does not have modern technology or knowledge on the detection of money laundering,” he explained. He said that the country’s rapid development, especially in financial and real estate sectors and the influx of foreign investment and weak oversight has created the perfect conditions for money laundering.
 

“IDEALINK is committed to bringing the right financial crime solutions to financial institutions in Cambodia to help them enhance competitive compliance while achieving operational efficiency and safeguarding and improving their reputation at national and regional levels,” he said. The software and knowledge will be targeted at banks and microfinance institutions, he added.

 

read more http://www.khmertimeskh.com/news/31304/money-laundering-made-harder/

 

 

-- © Copyright Khmer Times 27/10

[Asiang]

So funny news...

[khundon]

I tried money laundering once, could never get the damn stuff dry enough to spend.