In a significant move, the Trump administration has classified Huione Group, a Cambodian financial conglomerate, as a money laundering organization, denying it access to the U.S. financial system following allegations of laundering over $4 billion since August 2021.
Trump Administration Targets Cambodian Conglomerate for Money Laundering
Trump Administration Targets Cambodian Conglomerate for Money Laundering
The Treasury Department has identified Huione Group as a key player in global financial crimes, aiming to restrict its operations.
The Treasury Department's declaration on Thursday marks a pivotal effort to dismantle a central node in a vast international money laundering network. The agency's report highlighted how Huione Group and its affiliates have facilitated criminals, including North Korean hackers and Southeast Asian fraudsters, in moving illicit funds while dodging detection from financial institutions and law enforcement.
A recent investigation by The New York Times unveiled Huione’s deep entanglement in global financial crimes, specifically targeting online scammers who utilize its services for relocating money from victims through deceptive investment schemes. This crackdown represents a notable regulatory initiative against a company that has previously operated without substantial opposition and has connections to one of the largest illegal marketplaces worldwide.
Huione Group has yet to respond publicly to these allegations as the scrutiny continues.
A recent investigation by The New York Times unveiled Huione’s deep entanglement in global financial crimes, specifically targeting online scammers who utilize its services for relocating money from victims through deceptive investment schemes. This crackdown represents a notable regulatory initiative against a company that has previously operated without substantial opposition and has connections to one of the largest illegal marketplaces worldwide.
Huione Group has yet to respond publicly to these allegations as the scrutiny continues.
