Bloomberg: Sri Lanka becomes new base for Asian fraud networks

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According to Bloomberg, Cambodia's crackdown on fraud dens has led to the relocation of gangs to Sri Lanka. Independent researcher Sanjana Hatotuwa pointed out that Sri Lanka lacks a legal framework to deal with online fraud, and the convenient SIM card acquisition channels and extensive network connections make Sri Lanka a fraud network base. The informal Undiar remittance system in Sri Lanka provides a grey market channel for fraudulent proceeds, including cryptocurrencies, to evade regulatory oversight.

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