The U.S. Treasury Department has designated Cambodia-based conglomerate Huione Group as an “institution of primary money laundering concern” and has proposed severing its access to the U.S. financial system.
The department’s Financial Crimes Enforcement Network (FinCEN) issued the proposed rulemaking Thursday, stating that Huione has helped launder funds from North Korean state-backed cybercrime operations and investment scams originating in Southeast Asia.
FinCEN found that Huione Group laundered at least $4 billion worth of illicit proceeds from August 2021 to January 2025. Of that total, $37 million stemmed from North Korean cyber heists, $36 million was taken through investment scams and $300 million came from other fraud operations, the agency said.
“Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains,” said Treasury Secretary Scott Bessent. “Treasury remains committed to disrupting any attempt by malicious cyber actors to secure revenue from or for their criminal schemes.”
The group’s Huione Guarantee website was recently cited in a United Nations report as an important cog in the expanding Southeast Asian cyber fraud industry. Blockchain analysis firms said last year that the site has handled about $50 billion in transactions overall since 2021.
FinCEN also cited other operations by Huione Group, including Huione Pay, a payment processor; Huione Crypto, which handles virtual assets; and Haowang Guarantee, an online marketplace offering illicit goods and services.
In March, the New York Times detailed how the Huione operations launder money. China has been collaborating with Cambodia to crack down on cybercriminals, the report said, but it “has not made a dent” in the industry. Huione Pay reportedly lost its banking license earlier this year.
FinCEN filed its notice of proposed rulemaking under Section 311 of the Patriot Act. Interested parties have 30 days to file comments.
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Joe Warminsky
is the news editor for Recorded Future News. He has more than 25 years experience as an editor and writer in the Washington, D.C., area. He previously he helped lead CyberScoop for more than five years. Prior to that, he was a digital editor at WAMU 88.5, the NPR affiliate in Washington, and he spent more than a decade editing coverage of Congress for CQ Roll Call.
