The banking arm of a Cambodia-based conglomerate, suspected of operating the world’s largest illicit online marketplace, has lost its banking license due to noncompliance with regulatory requirements. According to Radio Free Asia, Huione Guarantee, part of the Huione Group, allegedly processed up to $24 billion in illicit transactions since 2021, making it the largest illicit online marketplace. The National Bank of Cambodia revoked the banking license of Huione Pay for noncompliance with existing financial laws and guidelines. The group is accused of facilitating Cambodia’s sprawling cyberscam industry, which some estimate could be worth around €11 billion annually. This illicit trade generates significant revenue for organized crime syndicates and underworld figures, including Hun To, a cousin of Cambodian Prime Minister Hun Manet. Huione Group denies the allegations, claiming they surrendered their banking license voluntarily and are now pursuing new licenses. Experts and observers remain skeptical of the government’s commitment to tackle cyberscam operations, suggesting the move may be more symbolic than substantive. The regional implications of this criminal economy extend to Southeast Asian countries and even China, where residents are falling victim to fraudulent schemes orchestrated by these cyber syndicates. The absence of strong, sustained action is undermining international efforts to combat this transnational crime.

Source: https://www.dw.com/en/is-cambodia-serious-about-ending-organized-cyber-scams/a-71923274?maca=en-rss-en-all-1573-rdf