market

The Mirror, Vol. 13, No. 599

“Government officials said on Wednesday that the government will take measures to control all financial transactions which could, at present, be related to money laundering through banks, to prevent financial problems so that everything is up to international standards.

“A senior official of the Cambodian People’s Party and chairperson of the Commission on Finance, Banking, and Audits of the National Assembly said, ‘If there is money laundering and we do not have related legislation, it might create difficulties when international countries observe everything.’

“Mr. Cheam Yeap added, ‘If there is money laundering, this might trouble us when everything that happens is internationally observed, because it is absolutely prohibited that such money is spent in any other country, and we also will prohibit it, when we have related legislation. Therefore, the Royal Government will control everything well to avoid any activities against international laws, and if there are clear laws, nothing will be allowed to happen in future.’

“Mr. Cheam Yeap, a high ranking CPP official, made this statement as Cambodia plans to launch a stock exchange market this year, while Cambodia cannot avoid being affected by the global crisis.

“Mr. Cheam Yeap told Deum Ampil, ‘Money laundering has little effect, but corruption has strong effects. Therefore, after a criminal code will have been drafted, we will include all articles regarding corruption into the anti-corruption regulations of Cambodia.’

“Mr. Cheam Yeap went on to say, ‘This is not new, and the government took it up to draft a law to clearly organize structures how to act, because investors will come to deposit their assets in Cambodia.’

“Regarding the opening of a stock exchange market during this year, Mr. Cheam Yeap said, ‘Before investors in Cambodia cooperate with foreign countries such as Korea and Japan, they do whatever is possible for those who have money, to buy stakes even if it is a risky investment, at a time when international countries face a downturn and there will be some losses.’ [Note: original is difficult to interpret].

“Cambodian officials still assure the plan to open a stock exchange market in the city this year, while the global economy is facing a crisis and economic meltdown, even though there was some plan late last year to delay the stock exchange market. [Note: it seems that the Korea based construction activities for a 42 stories Double Gold Tower building, at the intersection between Sihanouk and Monivong Boulevards in Phnom Penh, are at present suspended].

“In view of the global economic crisis, and the stability of the Cambodian economy, economists voiced the concern that a stock exchange market in Phnom Penh might become a source of money laundering, involving banks which at present lack clear control according to international standard. [Note: The Cambodia Daily reports on the same day: “IMF Criticizes Bank of Cambodia for Its Weak Supervision”]

“However, officials of the Royal Government said that the government will not let such bad problems happen. Previously, there were distorted reports about money laundering committed by dishonest groups, but they had been denied by senior officials of the government.

“According to a plan by the South Korean government [Note: actually, this seems to be a misunderstanding – this was not a ‘government’ plan], the stock exchange of Seoul will help [interested business groups in] Cambodia to prepare a stock exchange market in Phnom Penh, to become a place for gathering sources of capital for developing the country. According of figures from the Ministry of Economy and Finance of Cambodia, the Cambodian economy grew in 2008 with a higher rate than during the year before [Note: Various sources mention 2007 10.2%, 2008 6.5%, 2009 4.8% or less predicted], which is a new strong boost to encourage the creation of a stock exchange market in Cambodia, assuming it will proceed smoothly. Due to the financial crisis, starting from America, banks in Korea are directly affected, and this causes the suspension of investment loans in foreign countries, and resulted in large-scale projects in Cambodia to be changed since mid and late 2008.”Deum Ampil, Vol.3, #115, 12.2.2009

Newspapers Appearing on the Newsstand:
Thursday, 12 February 2009

Cheat Khmer, Vol.1, #16, 12.2.2009

• [The former Phnom Penh Police chief, now is detained in Prey Sar Prison] Heng Pov Begs for Intervention from Mr. Hun Sen [to allow him to take out money from his blocked bank account]

Deum Ampil, Vol.3, #115, 12.2.2009

• The Government Will Control the Financial System and Money Laundering at Banks
• [Spokesperson of the Council of Ministers] Phay Siphan: The Opening of the Border Crossing near the Preah Vihear Temple Will Wait until the Setting of Border Markers Has Been Finished
• The United Nations Environment Program – UNEP – Encourages the Promotion of Environmental Protection in Phnom Penh
• New US Ambassador [Ms. Carol A. Rodley] Praises Development in Phnom Penh

Kampuchea Thmey, Vol.8, #1871, 12.2.2009

• Japan Plans to Create a National Level University in Cambodia
• Paddy Rice and Rice at Border Regions Is Stuck, because Siam [Thailand] Blocks the Import [Battambang]
• Olympic Market Vendors Protest and Ask the [Thai Boon Rong] Company to Reduce Stall Prices by 50% and Make 20-Year Contracts

Khmer Aphivaot Sethakech, Vol. 7, #340, 12.2.2009

• [The Minister of Information] H.E. Khieu Kanharith Denied Closure of Any [Global Witness] Website

Khmer Sthapana, Vol.2, #201, 12.2.2009

• America Adopts US$800 Billion Package to Counter the Global Financial Crisis

Koh Santepheap, Vol.42, #6576, 12.2.2009

• More Than 200 Villagers at the Preah Vihear Temple Call for Food Aid while Some Families Are Facing Severe Difficulties
• Australia Provides Distance Learning Program [through the Internet] about Skills to Treat Child Diseases in Cambodia
• The Phnom Penh Municipality and the Ministry of Health Cooperate to Strengthen Transportation Services of Victims
• Vietnam Ranks Second in Exporting Rice [after Thailand] while [6.7% of] Its People Lack Food [no comparative figures for Cambodia given]

Moneaksekar Khmer, Vol.16, #3685, 12.2.2009

• Official of the Untied Nations [Assistant Secretary-General for Legal Affairs Mr. Peter Taksøe-Jensen] Plans Clarifying Discussion about Corruption Problems at the Khmer Rouge Tribunal
• Mr. Sam Rainsy Said that He Will Pay [Riel 10 million, approx US$2,500] to the National Election Committee, but Asked for the Right to Sue at the Supreme Court First

Rasmei Kampuchea, Vol.17, #4819, 12.2.2009

• US$2.2 Billion Tonle Sap Projects Achieve Little Results [the Tonle Sap basin authorities showed that 339 projects being implemented or are to be implemented in the Tonle Sap basin region – aiming to help protect the environment, control the nature, and alleviate poverty – accomplished very little, because there is no cooperation in the project implementation]
• A Boy Rescued from the Tuol Sleng Prison [in 1979 as seen in videos provided by Vietnam recently] Is Identified Before the Hearing of Duch [Mr. Nong Chanphal went to the Documentation Center of Cambodia to prepare a complaint, and he agreed to be a witness if the tribunal needs him]

Wat Phnom, Vol. 16, #8006, 13-15.2.2009

• The Mobitel Company Gives a Simple Explanation about a Surprised Event in Phnom Penh [it released a statement explaining that on 6 February 2009, the company asked the municipal police to control security at its headquarters, while the company was investigating a possible hazard from outside of the technical system]
• Australia and Denmark Continue Assisting the Reform of the Criminal and Justice Sector in Cambodia [according to a secretary of state of the Ministry of Interior and president of the National Board of Directors for Monitoring the Criminal and Justice Sector, Mr. Prum Sokha]

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