Japan’s Backdoor Bank Accounts in Cambodia is A Criminal Haven

Backdoor for opening a bank account

Infrastructure is easier to establish, and even Japanese people can easily obtain visas and open bank accounts. The ease with which bribes work on authorities is also a reason why Cambodia is favored, as mentioned by a police official from the Tokyo Metropolitan Police Department.

“Once the procedures are completed on the Cambodian Ministry of Foreign Affairs’ official website, it is possible to obtain a tourist visa and others within a few days. To open a bank account at a major bank, a general visa with more than six months validity is usually required. However, if you obtain a job-seeker visa for employment in Cambodia and its validity is more than six months, you can open an account. In other words, even foreigners can easily open an account,” said a visa processing agent.

The author also visited a branch of a major bank in Cambodia to attempt to open an account. Although the visa’s validity was insufficient and the account could not be opened, the employee, likely the branch manager, offered, “I’ll give you my Telegram; next time you come, contact me personally.” Telegram is a highly secure messaging app, and the suggestion of a backdoor raised significant suspicion.

While waiting at the counter to open an account, the author overheard a group of Japanese men in their 20s and 30s. One of the men, who appeared to be a dealer, was passionately telling the group, “Japanese yen is weak and useless, so you should definitely deposit in dollars in Cambodia.” The author’s suspicion grew, wondering if they might be trying to set up overseas accounts to launder dubious money.

Currently, due to the low trust in Cambodia’s national currency, the riel, the dollar is the primary circulating currency. Small purchases are made in riel, while larger ones are made in dollars. It is not uncommon to withdraw only in dollars at ATMs. The ease with which foreigners can open dollar accounts is tied to this situation.

In recent years, with the rapid influx of Chinese capital, the Chinese currency, the yuan, has also begun to circulate in tourist areas, and the use of yuan for transactions is expected to increase. The situation is only becoming more chaotic — for the time being, Cambodia will likely remain a paradise for criminals.