Hueven, a major financial institution in Cambodia, has shut down all its FlowmPay branches and suspended withdrawal services due to international pressure and sanctions imposed primarily by the United States and the United Kingdom. This move comes amid intensified global efforts by financial authorities and government agencies to enhance transparency and combat money laundering. Hueven, known for providing various financial services including loans and investments, faced allegations of financial irregularities and was restricted in its operations over the past few months. The US and UK accused the institution of financial fraud and illegal transactions, placing it on their sanctions list. The closure of branches and suspension of withdrawal facilities have caused significant difficulties for customers and businesses relying on Hueven for their financial dealings, potentially impacting Cambodia’s financial sector negatively. This development reflects ongoing global initiatives to strengthen financial system transparency and uphold the rule of law, aiming to prevent financial crimes and restore consumer confidence. It remains to be seen how the Cambodian government and financial authorities will address this crisis and whether Hueven will be able to resume its services in the future.
Source: decrypt
