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Lawyers back graft law but doubt it will be enforced BUSINESS leaders showed fear regarding the potential effectiveness of Cambodia’s anticorruption laws to hold off graft within the private sector, as the long-awaited legislation was passed Thursday.

Kith Meng, president of Phnom Penh’s Chamber of Commerce and CEO of the Royal Group, one of Cambodia’s most prominent conglomerates, said Wednesday that passing the bill is a sign that the government is dedicated to combating corruption in the Kingdom, which would produce positive results for the private sector. Little mention of business regulations in the law, which was 15 years in the making.

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Article 19 declares that a soon-to-be-formed Anticorruption Committee will have the power to command any public or private figure to disclose personal financial information. “With more transparency, the private sector will become more open for foreign investors from all over the world. It will ultimately be a good thing for the private sector and a good thing for the country,” he said, adding that he was not concerned about the law’s lack of material regarding the business community.

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Stephen Higgins, CEO of ANZ Royal bank, added Wednesday: “Anything that improves transparency is a good thing for business.” The Kingdom’s business leaders share an air of optimism about the new law, which they view as a promising sign of change; however, some believe that other concerns will need to be addressed for Cambodia’s economy to reach its full potential.