Cambodia Closes Five Banks Amid Telecom Fraud Crackdown

Cambodia's National Bank has forced the closure of five banks this year, including three at once, as part of a comprehensive crackdown on financial institutions established by telecom fraud capital and providing support for it. The closures follow pressure from China and the US, with questions remaining about who approved the bank licenses and if supervisory duties were fulfilled during their operation. Despite the closures, concerns persist about the continued fertility of Cambodia's telecom fraud soil and the strength of its roots.