Of 4 billion dollars
The Huione Group's network processes billions of dollars in suspicious transactions, fueling cyber and criminal syndicates in North Korea.
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed prohibiting the Huione Group from Cambodia from accessing the U.S. financial system, according to a statement from May 1.
If approved, the proposed rule would prohibit U.S. financial institutions from opening or maintaining accounts for Huione Group or any of its subsidiaries.
U.S. authorities identified the Huione Group as a key player in the movement of illicit funds linked to both North Korea and transnational criminal networks in Southeast Asia. Reports indicate that the group helped channel the proceeds of cryptocurrency scams, such as fake investment schemes, often known as "pig butchering" frauds.
Treasury Secretary Scott Bessent explained that the proposed measure was necessary to dismantle Huione's access to global banking services and weaken its ability to launder stolen funds.
He said:
The Huione Group has established itself as the preferred market for cybercriminals such as North Korea and criminal organizations, which have stolen billions of dollars from ordinary American citizens. The proposed measure today will cut off Huione Group's access to correspondent banking, reducing these groups' ability to launder their illicit profits.