Techub News reports that according to Decrypt, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed actions to remove the Huione Group of Cambodia from the U.S. financial system. In a proposed notice drafting rules under Section 311 of the Patriot Act, the agency stated: “For years, the Huione Group has been laundering the illicit proceeds of cybercrime,” and listed Huione as a “primary money laundering concern.” The Huione Group is a financial group headquartered in Phnom Penh, Cambodia, whose business scope includes digital payment services, crypto assets platforms, and insurance operations. Regulators stated that the sanctions target Huione’s business network, including Huione Pay PLC, Huione Crypto, and Haowang Guarantee. According to FinCEN’s investigation, the Huione Group is suspected of handling approximately $4 billion in potential illicit proceeds between August 2021 and January 2025.
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