On 24 February 2023, the Financial Action Task Force (FATF) announced that Cambodia has been removed from its List of Jurisdictions under Increased Monitoring (“Grey List”). This is incredibly welcome news and is well justified given the great strides that the Royal Government of Cambodia (RGC) has made in developing, implementing and enforcing robust anti-money laundering and combatting the financing of terrorism laws.
Further to our previous publication in April 2022 on Notification No. 0837 on the Requirement on Use of the National Domain Name “.com.kh” and the National Domain Name Electronic Address when Filing an Annual Declaration of the Commercial Enterprises, on 31 January 2023 the Ministry of Posts and Telecommunications of Cambodia (the “MPTC”) issued Notification No. 178 on the Use of the Registration of Domain Name (.kh) via Automated System (the “Notification”) to make the application process smoother and more efficient.
An important feature of the regulatory landscape for banks in Cambodia is the requirement that they hold a certain amount of assets in reserve with the National Bank of Cambodia (the “NBC”). Similar requirements exist in a large number of other jurisdictions and serve a dual purpose, being:
On 15 November 2022, the General Department of Taxation (the “GDT”) issued Notification No. 27226 on the Reminder of Payment of Tax on Means of Transportation for the Year 2022 (“Notification No. 27226”).
On 4 November 2022, the Royal Government of Cambodia, at the request of the Minister of Ministry of Commerce, enacted Sub-Decree No. 232 on the Management of the Advertisement of Goods and Services (“Sub-Decree No. 232”). Sub-Decree No. 232 aims to protect consumers and encourage fair competition by setting out mechanisms, and procedures for the advertisement of goods and services in the Kingdom of Cambodia. Sub-Decree No. 232 covers all types of advertisement and all forms of media including, but not limited to, digital media in the Kingdom of Cambodia.
INSIGHTS
In August 2015 HBS Law revealed its new website. The rebrand is designed to reflect HBS Law's position as a leading Cambodian law firm with an Asian regional reach.
"We are increasingly working with clients who have a presence throughout the region, as well as with foreign investors coming into Cambodia," says Mr Ly, Managing Director of HBS Law. "We are proud to offer honest, balanced services to our clients, acting as trusted business partners to help them succeed."