US Sanctions Cambodia, Ignores Its Own Offshore Havens
The Korea Times highlights the Jin Bei Palace Hotel, a Cambodian resort under fresh US sanctions for alleged human trafficking, torture, and widespread scam networks. This seems like a clear victory for human rights, as Washington targets Prince Group chairman Chen Zhi. The report notes the hotel remained 'bustling with activity' post-sanctions, raising questions about their immediate impact. But
let's not pretend the US is suddenly championing global anti-corruption. While sanctioning alleged criminal networks in Cambodia, the US remains the world's largest purveyor of financial secrecy, scoring 67 on the Tax Justice Network's 2021 Financial Secrecy Index—higher than Switzerland or the Caymans. Delaware, Nevada, South Dakota, and Wyoming are notoriously easy places to set up anonymous
shell corporations. The US Treasury targets individuals abroad, yet conveniently overlooks the systemic financial opacity within its own borders that enables illicit finance globally. One might wonder if human trafficking in Sihanoukville is more sanctionable than the billions laundered through American-registered, anonymous entities. It's almost as if some crimes are only 'crimes' when they're
not facilitating US-based capital flight.