Huione Group, affiliated with various scams and North Korean hackers, has been designated as a money-laundering operation by the U.S. Treasury, marking a significant step toward severing its ties with the American financial system.
New Regulations Target Global Money Laundering: Huione Group Blacklisted
New Regulations Target Global Money Laundering: Huione Group Blacklisted
The U.S. Treasury Department takes decisive action against Cambodian financial conglomerate Huione Group amid allegations of extensive money laundering activities.
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The U.S. Treasury Department has taken a bold step to combat financial crime by designating Huione Group, a Cambodian financial conglomerate, as a significant node in a global money-laundering network. The company, along with its affiliates, is implicated in laundering over $4 billion since August 2021, aiding criminals, including North Korean hackers and scammers across Southeast Asia.
In a detailed report, the Treasury described Huione Group as integral to the operations of online scammers, enabling them to transfer illicit funds overseas and evade scrutiny from law enforcement and banking institutions. This move represents the most rigorous effort yet to dismantle the operations of Huione, which has long acted with apparent impunity, associated with one of the largest illicit marketplaces in the world.
A New York Times investigation earlier this year unveiled the extent of Huione’s involvement in facilitating fraudulent schemes, revealing a sophisticated network that relies on the conglomerate for the seamless movement of stolen funds. Despite multiple attempts for comment, Huione has yet to respond to the allegations and the U.S. initiative to black out their operations in the American financial landscape.
The U.S. Treasury Department has taken a bold step to combat financial crime by designating Huione Group, a Cambodian financial conglomerate, as a significant node in a global money-laundering network. The company, along with its affiliates, is implicated in laundering over $4 billion since August 2021, aiding criminals, including North Korean hackers and scammers across Southeast Asia.
In a detailed report, the Treasury described Huione Group as integral to the operations of online scammers, enabling them to transfer illicit funds overseas and evade scrutiny from law enforcement and banking institutions. This move represents the most rigorous effort yet to dismantle the operations of Huione, which has long acted with apparent impunity, associated with one of the largest illicit marketplaces in the world.
A New York Times investigation earlier this year unveiled the extent of Huione’s involvement in facilitating fraudulent schemes, revealing a sophisticated network that relies on the conglomerate for the seamless movement of stolen funds. Despite multiple attempts for comment, Huione has yet to respond to the allegations and the U.S. initiative to black out their operations in the American financial landscape.
