US Treasury Moves to Cut Off Cambodia’s Huione Group From Financial System Over $4B Laundering Claims
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) proposed actions to disconnect Cambodia-based Huione Group from the U.S. financial system, labeling it a "primary money laundering concern." Huione Group, headquartered in Phnom Penh, operates in digital payments, crypto platforms, and insurance. It is accused of laundering proceeds from North Korean cyber operations and Southeast Asian investment scams, processing approximately $4 billion in potentially illicit funds from August 2021 to January 2025. This includes $37 million linked to North Korean cyberheists and $36 million from crypto scams. The proposed rule would prevent U.S. financial institutions from maintaining correspondent accounts with Huione, limiting its ability to launder money. Huione has faced regulatory actions, including the revocation of Huione Pay's license by the National Bank of Cambodia and the removal of Huione Guarantee from Google. Public comments on the proposed rule will be accepted for 30 days.
