The U.S. Treasury Department has moved to sever the Cambodia-based Huione Group’s access to the U.S. financial system. Huione Group is under scrutiny for laundering illicit funds tied to North Korean cybercrime operations and Southeast Asian investment scams. The Financial Crimes Enforcement Network (FinCEN) found that Huione laundered at least $4 billion from August 2021 to January 2025. Of this, $37 million was linked to North Korean cyber heists, while $300 million was from other fraud operations.
The Treasury Department aims to cut Huione Group’s access to correspondent banking, thereby disrupting its money-laundering capabilities.
The U.S. government views this move as critical in diminishing the ability of cybercriminals to benefit from their illegal activities. FinCEN’s report highlights the group’s involvement in cyber fraud schemes, notably through its website, Huione Guarantee. This website was cited by the United Nations as an essential platform for Southeast Asia’s expanding cyber fraud industry.
In addition to its main operations, Huione Group runs several other entities, including Huione Pay, a payment processor, and Huione Crypto, which handles virtual assets. These entities have played a significant role in facilitating illicit transactions. The New York Times revealed that despite efforts by China and Cambodia to curb cybercrime, Huione’s activities have remained largely unaffected.
Moreover, Huione Pay lost its banking license earlier this year, signaling growing pressure on the group’s operations.
FinCEN’s proposed action under Section 311 of the Patriot Act seeks to disrupt Huione’s network further. The public has 30 days to submit comments on the proposed rulemaking. The U.S. government’s move is part of a broader effort to tackle cybercrime and the laundering of proceeds from malicious cyber activities. The consequences of Huione’s operations extend far beyond Cambodia, with global efforts focused on curbing the reach of cybercriminal enterprises.
Reference:
