The Philippine government is weighing its options regarding 2 million euros ($2.1 million) held in Cyprus by Huang Zhiyang, a fugitive crime boss accused of human trafficking, cyber fraud, and money laundering. While Philippine authorities have charged Huang and frozen his assets domestically, they were unaware of his offshore funds until journalists uncovered them.

Huang Zhiyang is at the center of a sprawling cybercrime and human trafficking network that has exploited thousands across Southeast Asia. He is accused of leading a sophisticated operation that forced victims to engage in fraudulent schemes, including “love scams” that preyed on unsuspecting individuals worldwide.

Philippine authorities intensified their crackdown on Huang following a massive raid on a compound in Bamban, about 95 kilometers north of Manila, in March 2024. The operation, carried out by the national police and other agencies, rescued 875 individuals from forced labor conditions. Victims included Filipinos, Chinese, Indonesians, Rwandans, and others who had been coerced into participating in online scams. Law enforcement officials seized firearms, mobile phones, and scripts used in romance scams that targeted lonely individuals online.

Huang, who was already under suspicion before the raid, managed to escape arrest. However, Philippine authorities formally charged him with human trafficking and money laundering between August and September 2024. At least five of his bank accounts in the Philippines were subsequently frozen by the Anti-Money Laundering Council (AMLC). However, recent revelations about his financial ties to Cyprus have opened new legal avenues for asset recovery.

Investigative journalists discovered that Huang Zhiyang acquired Cypriot citizenship through the now-defunct citizenship-by-investment program. He reportedly invested in Cyprus through Zimaco Holdings Limited, a real........

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