The US Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions against Cambodian tycoon Ly Yong Phat and several of his businesses, including conglomerate LYP Group and its four hotels in Cambodia. One of Ly's sanctioned hotels, O-Smach Resort, is notorious for being used as a residence for human trafficking victims from across Asia who are forced to work in hog slaughter scams. Brendan Hanifin, a partner at Chicago-based law firm Ropes & Gray, said: "Many non-US individuals will now refuse to transact with Ly, regardless of jurisdiction, as a result of the many sanctions agencies authorising sanctions against non-US persons who do material transactions with the SDN, which is generally not subject to US jurisdiction. Given the dominance of the US dollar in international financial transactions, the practical effect of designating the SDN as an SDN would be to cut off Ly's access to much of the global financial system."