Wed, September 18, 2024 at 18:51

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some significant news regarding sanctions imposed by the U.S. Treasury Department.

  • 
• Annie

  • Oh, really?

  • What's it about?😊

  
• 

  Kang-hoon

  • The Treasury Department has sanctioned a Cambodian senator and businessman, Ly Yong Phat, along with his businesses L.Y.P.

  • Group and O-Smach Resort.

• Annie

  • Wow, that's serious.

  • What are the allegations?🤔

  
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• 

  Kang-hoon

  • They are accused of involvement in crypto and cyber scams that exploited trafficked labor.

  • 

  • These scams often involve forced labor in online scam centers.

• Annie

  • That's terrible.

  • How do these scams usually work?

  
• 

  Kang-hoon

  • The scammers use fictitious identities and elaborate narratives to build trusted relationships with their victims.

  • They then convince them to invest in virtual currency or foreign exchange schemes, ultimately defrauding them of their funds.

• Annie

  • So, the victims are tricked into investing their money?😟

  
• 

  Kang-hoon

  • Yes, exactly.

  • And the frontline scammers themselves are often victims of trafficking, subjected to forced labor and physical and mental abuse.

• Annie

  • That's heartbreaking.

  • Are there other businesses involved?

  
• 

  Kang-hoon

  • Yes, besides L.Y.P.

  • Group and O-Smach Resort, other businesses linked to Ly Yong Phat, such as Ly Garden City Hotel, Koh Kong Resort, and Phnom Penh Hotel, are also getting sanctioned.

• Annie

  • It seems like a widespread issue.

  • Has this been highlighted before?

  
• 

  Kang-hoon

  • Indeed, the U.S. State Department's annual Trafficking in Persons (TIP) report released in June highlighted abuses in Cambodia, especially in towns like O'Smach and Koh Kong.

• Annie

  • What did the TIP report say about these abuses?

  
• 

  Kang-hoon

  • The report noted ongoing corruption and official complicity in trafficking crimes, which are widespread and endemic.

  • This results in selective and politically motivated enforcement of laws, inhibiting effective action against trafficking crimes.

• Annie

  • That's really concerning.

  • How are the trafficked victims treated?

  
• 

  Kang-hoon

  • Traffickers force victims to work up to 15 hours a day.

  • In some cases, victims are resold to other scam operations or subjected to sex trafficking.

• Annie

  • This is just awful.

  • What do you think will be the impact of these sanctions?

  
• 

  Kang-hoon

  • In the short term, these sanctions are likely to disrupt the operations of the involved businesses and send a strong message against human rights abuses.

  • However, it could also lead to economic instability in the region.

• Annie

  • So, would you say this is bad news overall?

  
• 

  Kang-hoon

  • Yes, Annie.

  • This is definitely bad news.

  • The sanctions highlight severe human rights abuses and corruption, which are detrimental to both the victims and the broader economic environment.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.