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Banned by the US: Cambodian Group Laundering Money for North Korean Hackers and Attempting to Manipulate Crypto?
Overview of the incident
On 01/05, the US Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), proposed a complete ban on Huione Group – a large conglomerate in Cambodia – from accessing the US financial system. The reason: this group is accused of large-scale money laundering for the notorious North Korean hacker group – Lazarus Group, and facilitating numerous cross-border cryptocurrency investment frauds.
On 01/05, the US Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), proposed a complete ban on Huione Group – a large conglomerate in Cambodia – from accessing the US financial system. The reason: this group is accused of large-scale money laundering for the notorious North Korean hacker group – Lazarus Group, and facilitating numerous cross-border cryptocurrency investment frauds.
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Cambodia Opens Up to Crypto, But Bitcoin Remains Banned
Cambodia Officially Allows Type 1 Crypto Services
The National Bank of Cambodia (#NBC ) has for the first time allowed commercial banks and financial organizations to provide services related to Type 1 crypto assets, including backed cryptocurrencies such as stablecoins. This circular was issued on December 26, marking an important step in modernizing the financial system of this Southeast Asian nation.
The National Bank of Cambodia (#NBC ) has for the first time allowed commercial banks and financial organizations to provide services related to Type 1 crypto assets, including backed cryptocurrencies such as stablecoins. This circular was issued on December 26, marking an important step in modernizing the financial system of this Southeast Asian nation.
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Cambodia reduces tax from 35% to 5%
Cambodian Prime Minister Hun Manet made a friendly gesture by sending a letter to President Trump, proposing to reduce the tax from a maximum of 35% to 5% on 19 priority item groups.
The items that Cambodia has reduced taxes on mainly focus on American agricultural products, including: beef, pork, corn, soybeans, potatoes, fruits, almonds, whiskey, light trucks, and motorcycles...
This move is seen as an effort to promote bilateral trade relations between the two countries.
The items that Cambodia has reduced taxes on mainly focus on American agricultural products, including: beef, pork, corn, soybeans, potatoes, fruits, almonds, whiskey, light trucks, and motorcycles...
This move is seen as an effort to promote bilateral trade relations between the two countries.
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