US and UK Sign Joint MOU to Target Southeast Asian Cyber Scam Compounds

The US Department of Justice and the UK's National Crime Agency formalized an agreement to conduct parallel investigations into cyber fraud syndicates operating in Southeast Asia. Cyber-enabled schemes stole more than $12B from Americans last year, representing nearly 85% of total losses reported to the FBI. The agencies previously disrupted the Prince Group, a front company laundering scam proceeds, and seized about $15B in Bitcoin $BTC from its CEO. The scam compounds themselves are largely operated by human trafficking victims across Myanmar, Cambodia, and Laos under the control of organized crime rings. "Both the UK and US counterparts had already identified significant cases of overlap, and committed to joining forces for an in-person disruption event with private industry partners, hosted by the National Crime Agency in London in early October." — Justice Department