U.S. Treasury Department's Financial Crimes Enforcement Network Proposes to Prohibit Huione Group from Accessing the U.S. Financial System

BlockBeats news, on May 2, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) recently proposed to prohibit Cambodia's Huione Group from accessing the U.S. financial system due to alleged money laundering activities and connections with North Korean hacker organizations. Treasury Secretary Scott Bancen stated in a statement on Thursday: 'This proposed measure will cut off Huione Group's access to agency banking, weakening its ability to launder illicit proceeds.'

This rule-making proposal submitted under Section 311 of the USA PATRIOT Act would authorize FinCEN to require U.S. financial institutions to prohibit Huione Group and its affiliated entities from opening and managing accounts.

FinCEN alleges that from August 2021 to January 2025, Huione Group laundered over $4 billion in illicit funds, including $37 million in stolen assets from a North Korean-led cyber theft case. Bancen revealed that the cryptocurrency trading platform and online payment services operated by Huione Group have become the 'preferred market' for cybercriminals.