- The U.S. Treasury has designated Cambodia-based Huione Group as a “primary money laundering concern” under Section 311 of the USA PATRIOT Act
- Huione Group has facilitated over $4 billion in illicit transactions since 2021, including funds linked to North Korean cyber operations and romance scams
- A proposed rule aims to sever Huione Group’s access to the U.S. financial system by prohibiting U.S. financial institutions from maintaining correspondent accounts on its behalf
The U.S. Treasury Department has identified Huione Group, a financial services conglomerate based in Cambodia, as a significant money laundering threat. This designation stems from the group’s involvement in laundering billions of dollars through various illicit activities, including cyber-enabled fraud and scams linked to North Korea. To mitigate this threat, the Treasury has proposed measures to cut off Huione Group’s access to the U.S. financial system.
“Primary Money Laundering Concern”
On May 1, 2025, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking, identifying Huione Group as a “financial institution of primary money laundering concern.” This action, taken under Section 311 of the USA PATRIOT Act, is based on evidence that Huione has laundered at least $4 billion in illicit proceeds since August 2021. These funds are linked to various cyber-enabled crimes, including “pig butchering” romance scams and cyber heists attributed to North Korean actors.
Huione Group operates through a network of interconnected businesses, such as Huione Pay PLC, Huione Crypto, and Haowang Guarantee (formerly Huione Guarantee). These entities have been instrumental in facilitating the laundering of illicit funds by providing payment processing, cryptocurrency exchange, and online marketplaces for illicit goods and services.
U.S. Financial Institutions Barred From Dealing with Huione
The Treasury’s proposed rule would prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group. This measure aims to sever the group’s access to the U.S. financial system, thereby disrupting its ability to launder illicit proceeds. Treasury Secretary Scott Bessent stated, “Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains.”
The designation of Huione Group highlights the U.S. government’s commitment to combating international money laundering and cyber-enabled financial crimes. By targeting entities that facilitate such activities, the Treasury aims to protect the integrity of the U.S. financial system and prevent the exploitation of vulnerable individuals by transnational criminal organizations.
