Key Moments:
- Cambodia has stepped up enforcement against illegal online gambling and scam operations to avoid re-listing on the FATF grey list.
- Meanwhile, the National Bank of Cambodia has prioritised anti-money laundering by launching a second national risk assessment and upgrading surveillance systems.
- As a result, authorities have arrested and extradited high-profile figures, revoked licences, and frozen assets linked to unlawful gambling and online fraud.
Government Response to FATF Concerns
Cambodia is taking a firmer stance against unregulated online gambling and financial crime as it faces the risk of returning to the Financial Action Task Force’s (FATF) grey list. Such a move could weaken investor confidence and harm the country’s international reputation. Consequently, the National Bank of Cambodia has intensified efforts to combat money laundering, financial crime, and terrorism financing, with a strong focus on illegal digital gambling platforms.
During the central bank’s annual work summary meeting, Governor Chea Serey stressed the importance of keeping Cambodia off the FATF list of jurisdictions under increased monitoring. She noted that persistent reports linking the country to scam centres and illicit gambling have already damaged its global standing. In turn, this has affected tourism and foreign investment.
“If the situation cannot be improved, Cambodia will face the risk of being re-listed on the grey list, or even more serious consequences,” – Chea Serey, Governor, National Bank of Cambodia
She further explained, “These activities often operate through offshore-style online gambling platforms and scam centres. Moreover, they are closely linked to money laundering, large undeclared cash movements, and cross-border payment abuse.”
Enforcement and Regulatory Measures
Authorities have launched coordinated action against illegal online casinos and scam rings across several provinces. Specifically, they have increased police raids, imposed tougher penalties, and dismantled organised financial crime networks. At the same time, the Cambodia Financial Intelligence Unit has strengthened cooperation with international agencies to trace assets tied to gambling-related fraud.
In recent months, regulators have cancelled licences, frozen assets, and enforced mandatory business closures following court rulings. Additionally, the National Bank is overseeing the country’s second national risk assessment on money laundering and terrorism financing. This process identifies illegal online gambling as a key risk area.
Closely monitored sectors now include casinos, real estate, and legal services. Furthermore, authorities are upgrading monitoring technology to improve the detection of suspicious financial activity.
Compliance Framework and Recent Developments
Under Cambodia’s anti-money laundering law enacted in 2020, banks, gambling operators, and real estate firms must carry out customer due diligence. They must also report transactions exceeding KHR 40 million ($10,000). In addition, the law bans anonymous accounts and requires firms to retain records for at least five years.
A major enforcement development followed the arrest and extradition of Chen Zhi, chairman of the Prince Group, to China. He faces allegations from US authorities related to cross-border online fraud, gambling, and scam operations. As a consequence, regulators have placed several of his Cambodian business interests, including banking and property ventures, into liquidation.
FATF Listing Timeline
| Year | FATF Grey List Status |
|---|---|
| 2011 | Added to grey list |
| 2015 | Removed from grey list |
| February 2019 | Re-listed due to AML and CTF deficiencies |
| February 2023 | Removed following reforms |
Ongoing Vigilance Required
Officials continue to stress the need for sustained enforcement. In particular, they emphasise action against illegal online gambling to maintain Cambodia’s position off the FATF grey list and strengthen long-term international confidence in its financial system.
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- Author
Daniel Williams
