- US Treasury sanctioned scams in Burma and Cambodia linked to $ 10B in fraud and human trafficking
- Goals include KNA -associated companies, property owners, energy suppliers and money laundering
- Sanctions freezing assets, blocking US economic access and triggers global business restrictions
The US Ministry of Finance sanctioned several fraud organizations that scammed US citizens out of $ 10 billion last year alone.
In a statement published on September 8, it was said that the groups ran several major operations in Southeast Asia, mostly in Burma and Cambodia.
Not only do they fooled people through various romance fraud and false investment opportunities, but they are also engaged in forced labor, human trafficking and physical violence.
Two dozen goals
Funds lost to these fraud have increased by 66% year to year, the US government said, emphasizing the importance of the sanctions imposed.
“Southeast Asia’s cyber scam industry not only threatens Americans’ well-being and financial security, but also exposes thousands of people to modern slavery,” said under the Treasury of Terrorism and Economic Intelligence John K. Hurley.
“By 2024, unsuspecting Americans lost over $ 10 billion due to Southeast Asia-based scams, and under President Trump and Secretary Bessent’s leadership, Treasury will deploy the full weight of his tools to fight organized financial crime and protect Americans from the extensive injuries these scams can cause.”
Nine goals associated with Karen National Army (KNA) in Burma are now sanctioned by Treasury’s Office of Foreign Assets Control (OFAC) along with 10 goals located in Cambodia.
The full list can be found at this link. In short, the individuals who control the property that host fraud centers, various crunchy officials and holding companies, energy providers who operate various fraud centers, founders of money laundering operations, real estate companies and more.
Being placed on Ofac’s blacklist means that individuals and units have their assets under US jurisdiction frozen and cannot access US banks, have accounts in dollars or move money through the US financial system.
It also means that US citizens, businesses and organizations are not allowed to do business with sanctioned persons and units, and in some cases it can mean visa denials and international surveillance list.
Many non-American banks and businesses also avoid sanctioned individuals, even if they are not legally bound because trading with them can trigger sanctions or loss of access to the US market.
Via Bleeping computer
