Overview
- The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has proposed using Section 311 of the PATRIOT Act to sever Huione Group from the U.S. financial system.
- Huione Group, based in Cambodia, allegedly processed $4 billion in illicit proceeds from cyber heists, romance scams, and other frauds between August 2021 and January 2025.
- The conglomerate is accused of serving as a key laundering hub for North Korean hackers and criminal syndicates running 'pig butchering' cryptocurrency scams.
- Treasury Secretary Scott Bessent stated the proposed sanctions aim to degrade Huione's ability to facilitate money laundering and disrupt its operations globally.
- Earlier actions against Huione included the revocation of its payment license by the National Bank of Cambodia and the removal of its Telegram app by Google.