US Treasury sanctions Cambodian tycoon with ties to pig butcher scam

“Because many sanctions authorities authorize the imposition of sanctions on non-US persons – who are not typically subject to US jurisdiction – for engaging in material transactions with an SDN, many non-US persons will now refuse to transact with Ly regardless of jurisdictional considerations,” said Brendan Hanifin, a Chicago partner at the law firm Ropes & Gray. “Given the primacy of the US dollar in international financial transactions, the practical effect of the SDN designation will be to cut off Ly’s access to most of the global financial system.”