fbpx
Thursday, October 3, 2024
26.1 C
Abuja

U.S. Imposes Sanctions on Cambodian Tycoon Over Human Trafficking and Online Scams

WASHINGTON (ChatnewsTV) — The United States has imposed sanctions on Cambodian business tycoon Ly Yong Phat and several of his enterprises, citing their involvement in forced labor and online investment scam operations, according to a statement from the U.S. Department of State on Thursday. The action targets Ly’s conglomerate, L.Y.P. Group Co., O-Smach Resort, and three hotels controlled by him for their roles in human rights abuses linked to virtual currency investment scams.

Victims of these scams, often lured by fraudulent job offers, have been subjected to forced labor under harsh conditions, forced to work for criminal organizations running online fraud schemes. “Many victims are deceived by promises of free housing and legitimate work, only to be exploited in horrifying working and living conditions,” said Matthew Miller, the State Department spokesperson.

The move comes as part of the U.S. government’s efforts to combat human trafficking globally. In June, the Department of State’s Trafficking in Persons (TIP) Report highlighted the persistence of corruption and official complicity in Cambodia, which hampers efforts to crack down on forced labor in scam operations. The report called attention to the ongoing use of forced labor in Cambodia’s rapidly growing online scam industry.

“Addressing serious human rights abuses, particularly forced labor, is a priority of the Global Magnitsky sanctions program,” Miller stated. “Today’s actions aim to promote accountability for human trafficking and other abuses while disrupting the exploitation of scam victims, many of whom are U.S. citizens.”

The sanctions come amid a sharp rise in investment fraud, particularly involving cryptocurrencies. According to the FBI’s Internet Crime Complaint Center (IC3), losses from investment scams soared by 38% in 2023, reaching $4.57 billion, with cryptocurrency-related fraud accounting for $3.96 billion of that total, a 53% increase from the previous year.

The U.S. Treasury’s sanctions against Ly Yong Phat and his businesses were issued under Executive Order 13818, part of the Global Magnitsky Human Rights Accountability Act. This legislation targets individuals and entities involved in human rights abuses and corruption worldwide.

The U.S. government has called on Cambodian authorities to secure the safe release of individuals being held in online scam centers and to hold those responsible for these crimes accountable. “The United States calls on the government of Cambodia to ensure the protection and repatriation of all persons currently being exploited,” Miller added.

With billions of dollars lost globally due to these fraudulent operations, U.S. law enforcement agencies continue to push for stronger international cooperation to combat human trafficking and investment fraud.

Hot this week

G7 Leaders Condemn Iran’s Actions, Call for De-escalation in Middle East

BRUSSELS (ChatnewsTV) — The leaders of the Group of...

Tinubu Submits Tax Reform Bills To House of Reps

President Bola Tinubu has submitted four tax reform bills...

U.S. and Gabon Strengthen Diplomatic, Economic, and Security Ties in Joint Statement

WASHINGTON, D.C. (Oct. 3, 2024) — The United States...

Two Men Sentenced for Multimillion-Dollar iPhone Fraud Scheme Targeting Apple

WASHINGTON, D.C. (Oct. 3, 2024) — Two foreign nationals...

Governor Fubara Declares Two Days Public Holidays for Rivers State LG Polls

Governor Siminalayi Fubara of Rivers, has declared Thursday and...

Latest

G7 Leaders Condemn Iran’s Actions, Call for De-escalation in Middle East

BRUSSELS (ChatnewsTV) — The leaders of the Group of...

Tinubu Submits Tax Reform Bills To House of Reps

President Bola Tinubu has submitted four tax reform bills...

Governor Fubara Declares Two Days Public Holidays for Rivers State LG Polls

Governor Siminalayi Fubara of Rivers, has declared Thursday and...

Hungary to Host EU Employment and Social Policy Meeting

BUDAPEST, Hungary (ChatnewsTV) — The Hungarian Presidency of the...

U.S. Secretary of State Celebrates 34 Years of German Unity

WASHINGTON (ChatnewsTV) — U.S. Secretary of State Antony Blinken...

FIBA 3×3 Women’s Series Sees Record Growth in 2024 Season

MIES, Switzerland (ChatnewsTV) — The FIBA 3x3 Women’s Series...
spot_img

Related Articles

Popular Categories

spot_imgspot_img