There was a sweeping move by the United States Department of the Treasury Office of Foreign Assets Control that underscored the growing global concern over transnational fraud networks. Earlier this week, the Office of Foreign Assets Control imposed sanctions on a vast network of scam operations in Southeast Asia.
The scams have swindled billions from unsuspecting Americans by forcing them into labour contracts and exploiting them harshly.
Specifically, nine entities embedded in Shwe Kokko, Burma, are facing sanctions as part of the coordinated action against them, including one entity located in a region long associated with high-yield virtual currency fraud schemes operating under the banner of the OFAC-designated Karen National Army, as well as ten others based in Cambodia.
Congressional aides characterized the crackdown as both a national security imperative and a humanitarian necessity, as the criminal enterprises are not only destroying U.S. consumers but also enslaving thousands in conditions that are similar to modern slavery.
John K. Hurley, the Under Secretary for Terrorism and Financial Intelligence, stated that losses attributed to Southeast Asian scam networks surpassed $10 billion in 2024 alone, which prompted the Treasury, under the direction of President Trump and Secretary Bessent, to use every available enforcement tool to counter organised financial crime and protect the American public against its repercussions.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article: