The U.S. moved to cut off a Cambodia-based financial services network from the American banking system on Thursday over its links to North Korean cryptocurrency laundering, marking the Trump administration’s first announcement of measures tackling Pyongyang’s illicit cyber operations.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced in a press release that it has flagged the Huione Group as a “financial institution of primary money laundering concern” under the Patriot Act for facilitating the laundering of illicit funds worth over $4 billion since 2021, including at least $37 million in cryptocurrency stolen by DPRK cybercriminals.
The U.S. moved to cut off a Cambodia-based financial services network from the American banking system on Thursday over its links to North Korean cryptocurrency laundering, marking the Trump administration’s first announcement of measures tackling Pyongyang’s illicit cyber operations.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced in a press release that it has flagged the Huione Group as a “financial institution of primary money laundering concern” under the Patriot Act for facilitating the laundering of illicit funds worth over $4 billion since 2021, including at least $37 million in cryptocurrency stolen by DPRK cybercriminals.
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