HRC "Cambodian Authorities Support $19 Billion Fraud Industry... Including Virtual Assets"

Uk Jin

Summary

Humanity Research Consultancy claimed that Cambodian authorities are supporting a fraud industry worth approximately $19 billion.
Cambodia's Huione Group has been identified as the core infrastructure for virtual asset fraud and various illegal activities.
The U.S. Department of the Treasury has designated Huione Group as a primary money laundering concern financial institution, signaling a strong response.

Amid the Cambodian financial services network Huione Group being cut off from the U.S. banking system, claims have emerged that Cambodian authorities are directly supporting the Huione Group.

According to the virtual asset (cryptocurrency) specialized media Decrypt on the 26th (local time), Humanity Research Consultancy (HRC) claimed in a report that Cambodian authorities are supporting a $19 billion fraud industry, which accounts for about 60% of Cambodia's GDP.

In the report, HRC pointed out that "Cambodian authorities are supporting the operation of virtual asset fraud, human trafficking, forced labor, and Telegram-based financial fraud platforms," and "Huione Group is the core infrastructure of these businesses."

This revelation aligns with the recent U.S. blocking of the Huione Group. Previously, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced that it had designated the Cambodian Huione Group as a 'primary money laundering concern financial institution' for laundering illegal funds worth $4 billion, including at least $37 million in virtual assets stolen by North Korean cybercriminals since 2021.

At that time, controversy arose as Huione Group director Hun To was known to be a relative of Cambodian Prime Minister Hun Manet.