5. Financial Transparency
5.1 Market Stability
5.2 Independent Asset Valuers
5.3 Data Standards

5. Financial Transparency

Goal – A well developed and transparent financial system that includes strong supporting institutions and highly trained and ethical professionals that contribute to effective financial intermediation and deep and broad access to capital and financial services

5.1 Market Stability (Weak)

Core Question:  Are market risks sufficiently transparent and diversified so that efficient capital allocation can occur?

No – Weak, red tape and inconsistent enforcement of the laws hinder the development of a critically needed private sector.

5.1.1 Financial Reporting (Very Weak)

What is the strength of the country’s auditing and reporting standards?

Very Weak – 127 out of 144; Score 3.7 out of 7

5.1.2 Financial Services (Weak)

Does the financial sector provide a wide variety of financial services to businesses?

Weak – 91 out of 144; Score 4.1 out of 7

The Global Competitiveness Report 2015-2016, World Economic Forum /

5.1.3 Insolvency Process (Strong)

Strong – Ranking – 84 out of 189 What is the average time to complete bankruptcy proceedings?

6 years What is the cost of bankruptcy proceedings as a percentage of the estate?

28%  What is the recovery rate of bankruptcy proceedings? 

8.2 cents on the dollar

Doing Business 2016 – Closing a Business

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5.2 Independent Asset Valuers (Weak)

Core Question: Do trained, independent and ethical asset valuers exist for all types of assets?  

No – Weak, current practice is inadequate due to a lack of education but a training program is underway with the Cambodian Ministry of Land Management, Urban Planning and Construction, together with the Faculty of Land Management and Land Administration at the Royal University of Agriculture.

Survey Questions

5.2.1 Standards (Weak)

SQ 17  How easy is it to find a valuer who implements International Valuation Standards?

Weak, most valuations are conducted by international firms.

Civil Society Resource: TEGoVA

5.2.2 Training (Weak)

SQ 18  What is the level of training of valuers?


5.2.3 Ethics (Weak)

SQ 19  Are opinions offered by valuers free of influence from parties to the transaction?

No – Weak, training programs have only just begun.

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5.3 Data Standards (Very Weak)

Core Question: Is accurate property information available electronically in formats that are consistent with international standards?

No – Very Weak

Survey Questions

5.3.1 Sales & Operating Data (Weak)

SQ 20  A multiple listing service is an electronic exchange system where brokers and agents can widely share contracted real estate listings of properties that are for sale. Do multiple listing type services exist?

No – Weak, multiple internet sites operating but no standards.


SQ 21  Do resources exist for obtaining building income and expense estimates?


5.3.2 Interchange Formats (Very Weak)

SQ 22  Do electronic data interchange formats conform to international standards (ebXML – electronic business using extensive markup language)?

No – Very Weak, electronic exchange is not in place, but a project with ASEAN countries is underway.

Civil Society Resource: Open Standards Consortium for Real Estate International,

5.3.3 Technical Standards (Very Weak)

SQ 23  Do building codes and office building measurement standards (ANSI/BOMA Z65.1) conform to international standards?

No – Very Weak, national Building Codes have yet to be developed.

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