🚨🚨🚨The US sanctions 19 organizations in Southeast Asia for online fraud🚨🚨
👀The US Department of the Treasury has imposed sanctions on 19 organizations at #myanmar and #Campuchia , accusing these networks of defrauding Americans of over 10 billion USD in 2024.🏛️ This is part of the US effort to dismantle large-scale online fraud schemes, particularly those involving "pig butchering" using forced labor.🚨
🙅The threat from scam centers🚨
According to the Office of Foreign Assets Control (OFAC), 🤔the sanctioned organizations operate in notorious scam centers like Shwe Kokko in Myanmar and old casino complexes in Sihanoukville, Cambodia. 👀They recruit English-speaking labor to defraud through fake investment platforms and romance scams. 🤔Scammers frequently use stablecoin like #USDT to quickly transfer stolen money, making tracking difficult.
Effectiveness of the sanctions🙅
👀Although OFAC sanctions are not a "silver bullet" as criminal networks can change names and set up new systems, they are still very effective in disrupting the easiest pathways for scammers. 🤔When a money laundering center is sanctioned, exchanges and stablecoin issuers are forced to freeze related funds, immediately disrupting their operations. 🤔The fight against online scams requires ongoing cooperation and enforcement to maintain effectiveness.🚨$BTC
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