U.S. Treasury Targets Cambodian Firm Huione Group Over Alleged Role in Laundering Billions in Illicit Funds

The U.S. Treasury Department announced on Friday that it plans to bar Cambodian financial conglomerate Huione Group from accessing the American financial system, citing the company’s alleged involvement in laundering billions of dollars linked to cyber heists and online scams. The move was unveiled by the Treasury’s Financial Crimes Enforcement Network (FinCEN), which designated the Phnom Penh-based group as a “primary money laundering concern.”

FinCEN has proposed a rule that would prohibit U.S. financial institutions from opening or maintaining correspondent banking accounts for, or on behalf of, Huione Group. This proposal is now subject to a 30-day public consultation period.

In a statement, Treasury Secretary Scott Bessent accused Huione of enabling criminal activity on a global scale. “Huione Group is the marketplace of choice for malicious cyber actors,” Bessent stated, citing cybercriminal syndicates and North Korea as key beneficiaries of Huione’s services. He further alleged these actors have collectively “stolen billions of dollars from Americans.”

As of Friday, Huione Group has not responded to FinCEN’s proposal or to a request for comment sent by Reuters.

According to FinCEN, between August 2021 and January 2025, Huione Group laundered over $4 billion in illicit funds. This total includes at least $37 million in cryptocurrency connected to cyberattacks attributed to North Korea and another $36 million derived from “pig butchering” scams—a type of online fraud in which victims are deceived over time by scammers posing as trustworthy contacts or romantic partners.

The FinCEN report referenced a 2024 Reuters investigation that found Huione Pay, a subsidiary of Huione Group, received more than $150,000 in cryptocurrency between June 2023 and February 2024. These funds were sent from a digital wallet allegedly linked to the Lazarus Group, a notorious North Korean hacking outfit.

In its response to the Reuters story, Huione Pay stated that it had not been aware that it “received funds indirectly” from hacks carried out by Lazarus. The firm also maintained that the digital wallet involved was “not under its management.”

International watchdogs, including the United Nations, have long warned that North Korea uses cryptocurrency transfers as a means to bypass international sanctions. These transactions allow Pyongyang to procure banned goods and services while obscuring the origins of its funds.

Efforts to reach North Korea’s mission to the United Nations in Geneva for comment were unsuccessful, as calls from Reuters were not answered. In past statements, however, the mission has dismissed such reporting, claiming that coverage of Lazarus and its alleged operations is “all speculation and misinformation.”

By fLEXI tEAM