Scott Bessent Secretary | U.S. Department Of Treasury
The U.S. Department of the Treasury, in coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), has announced actions targeting major cybercriminal networks operating out of Southeast Asia. The measures include sanctions on 146 individuals and entities associated with the Prince Group Transnational Criminal Organization (Prince Group TCO), a Cambodia-based network accused of running online investment scams that have targeted people globally.
In addition to these sanctions, the Treasury’s Financial Crimes Enforcement Network (FinCEN) finalized a rule under section 311 of the USA PATRIOT Act that cuts off Huione Group, a Cambodia-based financial services conglomerate, from access to the U.S. financial system. According to FinCEN, Huione Group laundered at least $4 billion in illicit proceeds between August 2021 and January 2025, including funds linked to cyber heists by actors from North Korea and large-scale virtual currency scams.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Secretary of the Treasury Scott Bessent. “Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”
Losses attributed to online investment scams have grown significantly for U.S. citizens over recent years. Government estimates indicate Americans lost more than $16 billion overall to such schemes, with at least $10 billion attributed specifically to operations based in Southeast Asia during 2024—a marked increase from previous years.
The coordinated effort also saw the unsealing of a criminal indictment against Chen Zhi—alleged leader of Prince Group TCO—in the U.S. District Court for the Eastern District of New York. The FCDO imposed its own sanctions against Prince Holding Group, Chen Zhi, and key associates as part of this bilateral action.
According to officials, Prince Group TCO operates through a web of shell companies and legitimate businesses spanning entertainment, finance, and real estate sectors headquartered in Phnom Penh. The organization is alleged to run scam compounds relying on human trafficking for forced labor where workers are compelled under threat or coercion into perpetrating global fraud schemes such as so-called “pig butchering.” These schemes involve building trust with victims over time before convincing them to invest money into fraudulent platforms controlled by scammers.
Reports indicate that many workers trapped in these operations are themselves victims—lured by false job promises then subjected to physical abuse and other forms of exploitation if they attempt escape or fail quotas.
Among those sanctioned are several high-ranking members and business associates within Prince Group TCO who oversee both legal and illegal activities across various subsidiaries—including casino operator Jin Bei Group Co., Ltd., which has been linked publicly to cases involving extortion and even murder.
Treasury’s ongoing efforts have included previous designations against other regional facilitators involved in similar criminal activity throughout Southeast Asia as well as alerts warning financial institutions about trends such as sextortion or virtual currency investment scams.
As a result of today’s actions, all property interests belonging to designated individuals or entities within U.S. jurisdiction are blocked; transactions involving these persons are generally prohibited unless authorized by OFAC license or exemption. Non-U.S. persons found engaging in certain transactions may also be subject to secondary sanctions or enforcement action.
The stated goal behind imposing these measures is not punitive but aimed at bringing about behavioral change among those targeted.
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