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U.S. Treasury Sanctions Cambodian Tycoon With Ties to Pig Butchering Scams

Author: Content Editor
One of Cambodia's wealthiest businessmen, Ly Yong Phat, and his businesses have been hit with US sanctions due to his alleged involvement in human rights abuses related to a pig butchering scam operation in Cambodia. The sanctions, imposed by the US Treasury Department, prohibit all US persons from transacting with Ly and his businesses, which could significantly impact his business activities. The sanctions extend to all transactions that transit through the US, even when there are no Americans involved. Many banks, regardless of their location, will also refuse to deal with OFAC-sanctioned individuals. As a result, the sanctions are likely to severely limit Ly's ability to transact with international counterparties and access capital. The compound owned by Ly, the O-Smach Resort, is known for its involvement in human trafficking, with victims forced to work in pig-butchering scam operations. Victims of the scam have reported abuse, including beatings, electric shocks, and threats of being sold to other online scams.

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