The U.S. Treasury Department has identified Cambodia-based Huione Group as a significant entity involved in money laundering, proposing to cut its access to the U.S. financial system due to its ties to North Korean cybercrime and fraudulent investment schemes. Huione Group has laundered over billion in illicit proceeds since August 2021, facilitating various criminal operations. This action underscores the U.S. Treasury’s commitment to disrupting financial channels utilized by cybercriminals.
Keypoints :
- The U.S. Treasury has labeled Huione Group an “institution of primary money laundering concern.”
- Huione Group allegedly laundered at least billion in illicit funds between August 2021 and January 2025.
- Funds laundered include million from North Korean cybercrimes and million from investment scams.
- Treasury Secretary Scott Bessent emphasized the need to disrupt these criminal financial networks.
- Huione Group’s operations were cited in a United Nations report for their role in Southeast Asian cyber fraud.
- Huione Pay, one of the group’s services, recently lost its banking license.
- The proposed action allows interested parties to comment within 30 days.
Read More: https://therecord.media/us-fincen-cut-off-huione-group-southeast-asia-cyber-scam