Cambodia advances strict crypto scam crackdown bill, with a maximum sentence of life imprisonment

Golden Finance reports that the Cambodian National Assembly has passed a new law to crack down on cyber scams with unanimous support. The law targets large-scale scam compound operators that use crypto assets and carries a maximum penalty of life imprisonment. The bill is still awaiting review by the Senate and final approval by King Norodom Sihamoni. Under the bill, the masterminds of scam syndicates will face 15 to 30 years in prison; if death results occur, they could be sentenced to life imprisonment. Organizers face a maximum of 20 years in prison and heavy fines, and participants may also face criminal terms of 2 to 5 years and fines of up to 125k U.S. dollars. Analysis indicates that in recent years, crypto scams such as “pig butchering” in Southeast Asia have spread rapidly. Relying on crypto assets enables cross-border transfers and money laundering, with the amounts involved reaching several tens of billions of dollars each year. Such crackdown efforts, or more, may lead to scam activity being “relocated rather than disappearing.” The key is whether efforts to simultaneously combat corruption protection, money-laundering networks, and the cross-border funds-transfer system are carried out.