Treasury Works to Isolate Huione Group of Cambodia from Financial Network due to Accusations of $4 Billion Money Laundering
Vibe Check: USA Slams Huione Group for Money Laundering
Get a load of this, folks! The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has given Huione Group, a Cambodia-based financial conglomerate a major slap on the wrist.
FinCEN accuses Huione of being a "primary money laundering concern" for cybercrimes, including North Korean cyberheists and Southeast Asian scams. Huione reportedly processed over $4 billion in potentially illicit funds from August 2021 to January 2025.
The conglomerate allegedly operates with weak or non-existent anti-money laundering (AML) and know-your-customer (KYC) protocols. In January, the National Bank of Cambodia even revoked Huione Pay's license. To make things worse, Google pulled a Telegram-based app called Huione Guarantee after an investigation revealed its illicit connections.
What's worse is that Huione served as a "critical node" for laundering proceeds from North Korean cyber operations and Southeast Asian criminal organizations. FinCEN claims to have found links to at least $37 million in North Korean cyberheists and $36 million in crypto investment scams among Huione's transactions.
The proposed rule, if implemented, would prevent US financial institutions from opening or maintaining accounts for Huione or its subsidiaries. This move aims to cut off Huione's access to the US financial system, making it harder for cybercriminals and terrorists to launder their ill-gotten gains.
So there you have it, folks. Huione Group, the "marketplace of choice" for cybercriminals, is now under the radar of the US authorities. Let's hope their money laundering days are over!
Mind-Bending Facts:
- Huione Group allegedly processed $37 million that can be traced back to North Korean cyberheists.
- The conglomerate played a crucial role in laundering proceeds from cyber operations and Southeast Asian criminal organizations.
- The US Treasury Department invoked Special Measure 5, the most severe available under Section 311, against Huione Group.
Stay Tuned:
Hang around for more updates on this developing story. We'll keep you posted on any new developments!
- The US Treasury Department's FinCEN has accused Huione Group, a Cambodia-based financial conglomerate, of being a primary money laundering concern for cybercrimes, including North Korean cyberheists and Southeast Asian scams.
- Huione is allegedly a marketplace of choice for cybercriminals, reportedly processing over $4 billion in potentially illicit funds from August 2021 to January 2025.
- The conglomerate is alleged to operate with weak or non-existent anti-money laundering (AML) and know-your-customer (KYC) protocols.
- FinCEN claims to have found links to at least $37 million in North Korean cyberheists and $36 million in crypto investment scams among Huione's transactions.
- The US authorities aim to cut off Huiones access to the US financial system, preventing US financial institutions from opening or maintaining accounts for Huione or its subsidiaries.
- Huione's operations apparently serve as a critical node for laundering proceeds from North Korean cyber operations and Southeast Asian criminal organizations.
- The US Treasury Department invoked Special Measure 5, the most severe available under Section 311, against Huione Group.
- In January, the National Bank of Cambodia revoked Huione Pay's license and Google pulled a Telegram-based app called Huione Guarantee after an investigation revealed its illicit connections.
- Stay tuned for more updates on this developing story in the field of finance, business, general-news, and crime-and-justice, as we keep you posted on any new developments.
