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Taiwan, Cambodia sign pact on combating money laundering

2011/04/11 19:25:27

Taipei, April 11 (CNA) Taiwan signed a memorandum ofunderstanding (MOU) with Cambodia Monday on cooperation in the battleagainst money laundering, terrorism funding and other major forms offinancial crime.

The MOU was signed by Chang Chi-ping, director-general of theInvestigation Bureau (IB) under the Ministry of Justice, and Phan Ho,secretary-general of National Bank of Cambodia, who concurrentlyheads the bank's Financial Intelligence Unit.

The signing makes Cambodia the 18th country to ink an anti-moneylaundering agreement with Taiwan after the United States, SouthKorea, the Philippines, Nepal and 13 other countries, Chang said at asigning ceremony held at IB headquarters.

"This (number of signings) embodies our achievements in promotinginternational cooperation on countering cross-border moneylaundering, " Chang said, adding that the pact with Cambodia willsignificantly upgrade the efficacy of Taiwan's operations in thisarea.

According to Chang, Taiwan and Cambodia are both members of theAsia-Pacific Group (APG) on Money Laundering. Cambodia sent financialintelligence officials to Taipei last year to attend an anti-moneylaundering workshop under the auspices of the APG.

The program allowed both sides to exchange views and shareexperience in the fight against money laundering, Chang said.

"We also explored at that time the feasibility of signing an MOUon cooperation in the field and we are pleased that nearly a year ofnegotiations have come to fruition," he added.

Under the terms of the MOU, the two countries will exchangeinformation about suspected money laundering and other types ofcross-border financial crime, including the funding of terrorism,Chang said.

(By Sherry Tang and Sofia Wu)