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posted 3 years ago
In January 2022, the Non-Banking Financial Services Authority (NBFSA) of Cambodia issued Prakas 003 on the establishment, function, and management of trusts in the country. The Prakas is an implementing regulation to Cambodia’s first-ever Law on Trusts issued in 2019.
Prakas 3 sets out the rules, procedures, and conditions for the establishment of trusts, the registration requirements, and the licensing approvals that are granted to trustees.
Under the Prakas, a trust operation is any activity pertaining to the transfer of property from its owner (the trustor) to an entity or person to control, manage, and maintain for the benefit of another person or entity (the beneficiary).
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