US Treasury Department Penalizes 19 Southeast Asian Organizations in $10B Cyber Scam Crackdown

The U.S. Treasury Department has declared sanctions against 19 entities and two individuals linked to a widespread criminal network involved in cyber fraud and money laundering in Southeast Asia. These measures target companies and persons based in Cambodia, Myanmar, and Laos, who facilitated online scam operations that have cost victims worldwide an estimated $10 billion. According to a statement released by the Treasury, these entities are implicated in a variety of fraudulent activities, including romance investment scams, pyramid schemes, and cryptocurrency fraud. The criminals allegedly exploited vulnerable victims, luring them with false promises of significant financial gains before stealing their savings. The sanctions aim to freeze the assets of these individuals and entities in the United States and prevent them from accessing the global financial system. American citizens are also prohibited from engaging in transactions with them. The Treasury Department affirmed that it will continue to take strong action against those involved in cyber fraud and money laundering, protecting American consumers and the financial system from these threats.