Bloomberg: Sri Lanka becomes new base for Asian fraud networks

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.