In Cambodia, the night sky is routinely illuminated by fireworks, customarily lit by scammers as a symbolic celebration of their latest deceptions. These displays, reminiscent of a grand spectacle, belie the grim reality that someone’s life savings likely vanished moments earlier. Victims might have been ensnared in an online romance scam or duped into a phony cryptocurrency exchange. The societal scourge of scamming and money laundering is so efficient that it moves billions of dollars at alarming speeds, leaving victims financially destitute and the criminals always one step ahead of law enforcement.
Efforts to curb these criminal activities have been made by entities such as the FBI, China’s Ministry of Public Security, and Interpol, who all recognize the scammers’ ability to deviously operate on social media and dating apps to lure unsuspecting individuals into fraudulent schemes. Despite numerous warnings and blockades by telecom companies and banks, the industry of scammers and money launderers persists, thriving with an almost mythical resilience that allows it to mutate and recover whenever struck down.
Underworld figures in Cambodia, from the capital Phnom Penh—a hub for global money laundering—to the coastal city of Sihanoukville, a notorious haven for fraudsters, operate in virtual impregnable fortresses or on the floors of unfinished high-rises. These areas are awash with deceptive operations, from call centers to modern skyscrapers, where criminals conduct business over lavish meals at seaside restaurants.
A set of documents obtained, serving as a manual for money laundering, and interviews with nearly a half-dozen insiders in the industry, reveal a flawless system that has eluded the grasp of authorities. The ecosystem presents a picture of organized crime that not only enjoys full impunity but also operates under the protection of individuals with powerful ties.
The process begins with the crucial role of money launderers, akin to getaway drivers in a grand heist, ensuring the smooth flow of illicit funds from one account to another, one country to another, until it arrives “clean” and devoid of any ties to the original scam. A leading financial conglomerate in Cambodia, known as Huione Group, stands central to this grim tapestry. Specializing in legitimate business across Southeast Asia and with global satellite companies, Huione’s QR codes are ubiquitous, foundational to the daily lives of those in the region.
However, this veneer of corporate responsibility is marred by an arm of Huione offering tailored money laundering services and an affiliate operating an online bazaar for criminals to source money laundering expertise. This illicit marketplace’s vastness is underscored by the sheer volume of cryptocurrency transactions it has facilitated since 2021, as reported by analytics firms Elliptic and Chainalysis. The reach of this operation is further magnified by the involvement of a director who is a cousin of Cambodia’s prime minister, solidifying its ties to power and further complicating efforts to dismantle it.
This operation’s sophisticated structure processes money from prolific criminal enterprises, such as human trafficking networks in Myanmar, and the systems handling these transactions are incredibly resilient. The industry remains unscathed by sanctions, with only temporary disruptions caused by actions like Tether freezing accounts or Telegram shutting down channels used by these criminals.
The laundering process within this ecosystem is multifaceted and involves matchmakers, bazaars, and specialized financial services provided by Huione Group entities like Huione Guarantee and Huione International Pay. These services ensure the smooth transition of money from scammers to criminals, protected by layers of complexity and the strategic use of cryptocurrency.
Moreover, the operation’s survival is ensured by a network of money mules spread across different countries, running bank accounts and wallets, with the constant threat of being exposed looming over them. Yet, competition and a well-developed infrastructure ensure that even if one pathway is blocked, another is always ready to take its place.
Despite the elaborate measures and the commitments of regulatory bodies to ensuring transparency and accountability, the challenge remains immense. The combination of a robust, shadow economy, and a lack of effective regulation allows this industry to persist, highlighting the need for international cooperation and stronger legal frameworks to combat these pervasive racketeers. As long as the system’s tentacles extend far and wide, providing a money-laundering hub that is both efficient and speculative, its survival seems assured. And as a result, the spectacle of nighttime fireworks will continue, a silent but haunting signal of the crime’s ongoing success.
Source: https://www.nytimes.com/2025/03/23/world/asia/cambodia-money-laundering-huione.html
