Bangladesh, Jan. 23 -- For much of the early post–Cold War era, Cambodia was seen as a country struggling heroically to rebuild after catastrophe. Decimated by genocide, civil war, and foreign intervention, it emerged in the 1990s as a symbol of fragile democratic renewal in Southeast Asia. Three decades later, that promise has largely evaporated. Instead, Cambodia has acquired a very different reputation: one of the worlds most permissive environments for transnational organized crime.

Today, the country is widely regarded by law enforcement agencies and international observers as a global hub for online scam operations, illicit gambling networks, money laundering, and large-scale human trafficking. It has also been linked to the ...