Cambodia’s National Bank revoked Huione Pay’s license, cited for processing €22 billion in illicit transactions. This move is part of growing pressure to confront the country’s cyber scam crisis. With significant political ties implicated and criticisms regarding the apparent superficiality of government actions, skepticism about real commitment to reform persists amid ongoing exploitation and international concern.

In response to growing international pressure, the National Bank of Cambodia revoked the banking license of Huione Pay, a subsidiary of the Huione Group, which is accused of processing illegal transactions worth €22 billion since 2021. This action aligns with efforts to combat organized cyber scams stemming from Cambodia, a country that has been scrutinized for its lax regulatory environment regarding such crimes.

Huione Group is alleged to be integral to Cambodia’s cyber scam industry, valued at €11 billion annually, which constitutes a significant portion of the national economy. The Cambodian government faces demands from both China and Western nations to dismantle these illicit operations following the ongoing proliferation of scams that have extended to international victims, especially Chinese nationals.

Controversy surrounds Huione Group, particularly due to the involvement of Hun To, a director linked to Prime Minister Hun Manet. Despite the group’s denial of illegal activities, observers speculate that the government’s actions may be more about political appeasement rather than a genuine commitment to eliminating cyber scams.

The so-called “pig butchering” scams, taking advantage of victims through prolonged deception, surged during the pandemic, with reports of numerous individuals coerced into working in scam operations across Cambodia. Significant raids have been executed to rescue victims, yet experts indicate this may only be scratching the surface of broader issues in the country’s political and economic landscape.

Experts express concerns that Cambodia’s prevailing cybercrime industry threatens not only domestic stability but also global security. With increasing collaboration from China to counteract these scams, the perception of Cambodian compliance must be carefully evaluated. Authorities have historically downplayed the issue by suppressing dissent and independent reporting, leading to skepticism about the government’s commitment to meaningful reform regarding organized cybercrime.

Cambodia is under increasing pressure to confront its rampant cyber scams, especially with the revocation of Huione Pay’s banking license highlighting regulatory failures. Despite government gestures that imply reform, the entrenched nature of the scam economy, coupled with political ties and historical denial, raises doubts about Cambodia’s genuine intent to dismantle these operations. The challenge remains significant, as both domestic and international stakeholders demand more decisive action against organized cybercrime.

Original Source: www.dw.com

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