Financial Crimes Enforcement Network

“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam
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“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

ByEyes on Trafficking News

On September 8, 2023, the Financial Crimes Enforcement Network (“FinCEN”) released an alert regarding a notorious virtual currency scam called “pig butchering,” because, unfortunately, it resembles the “fattening a hog before slaughter.” These scams are primarily perpetrated by criminal organizations in Southeast Asia where these scams are also called “Sha Zhu Pan.” The unwitting victims are the…

FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering”
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FinCEN Issues Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering”

ByEyes on Trafficking News

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) issued an alert to highlight a prominent virtual currency investment scam known as “pig butchering.” Multiple U.S. law enforcement sources estimate victims in the United States have lost billions of dollars to these scams and other virtual currency investment frauds. “This scam has impacted far too many Americans,…

Remarks by Under Secretary Brian Nelson at the Meeting of the President’s Interagency Task Force to Monitor and Combat Trafficking in Persons
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Remarks by Under Secretary Brian Nelson at the Meeting of the President’s Interagency Task Force to Monitor and Combat Trafficking in Persons

ByEyes on Trafficking News

As Prepared for Delivery Thank you, Secretary Blinken. It’s an honor to discuss Treasury’s work to combat human trafficking. Human trafficking poses a grave threat to the rule of law and endangers the safety and security of people in the United States and around the world. It’s a set of activities that is as abhorrent…

FinCEN Issues Alert on Human Smuggling Along the Southwest Border of the United States
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FinCEN Issues Alert on Human Smuggling Along the Southwest Border of the United States

ByEyes on Trafficking News

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) issued an alert today to better support financial institutions in detecting financial activity related to human smuggling along the southwest border of the United States. The alert provides trends, typologies, and red flag indicators to help financial institutions better identify and report suspicious transactions potentially related to such activity. “Illicit actors,…

Kazakhstan's New Measures to Protect Human Rights – Modern Diplomacy
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Kazakhstan's New Measures to Protect Human Rights – Modern Diplomacy

ByEyes on Trafficking News

Seemingly, the relations between Russia and Kyrgyzstan have not changed since the commencement of Russia’s special military operation (SMO) in Ukraine. Kyrgyzstan continues to emphasize the importance of its strategic alliance with Russia, whereas the Russian leadership accentuates the significance of the Kyrgyz Republic (KR) in trade, economic and security issues. Meanwhile, Kyrgyz President Sadyr…

Regulating cryptocurrency ATMs is necessary to combat illicit cyber activities – Bollyinside
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Regulating cryptocurrency ATMs is necessary to combat illicit cyber activities – Bollyinside

ByEyes on Trafficking News

Using crypto ATMs for criminal activities According to a research by the GAO, because cryptocurrency ATMs are less closely regulated than cryptocurrency exchanges, they contribute to the surge in criminal activities. As a result, it is challenging to follow transactions made at ATMs. FBI officials believe that the growth of the cryptocurrency industry would increase…