The U.S. Department of the Treasury, in coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), has announced a series of actions targeting cybercriminal networks operating in Southeast Asia. These measures are aimed at disrupting online scams that have resulted in significant financial losses for U.S. citizens and others around the world.

The Office of Foreign Assets Control (OFAC) imposed sanctions on 146 entities and individuals associated with the Prince Group Transnational Criminal Organization (Prince Group TCO), a Cambodia-based network led by Chen Zhi. This group is alleged to run online investment scams targeting people globally, including Americans. In parallel, the Financial Crimes Enforcement Network (FinCEN) issued a rule under section 311 of the USA PATRIOT Act that effectively cuts off Huione Group—a Cambodia-based financial services conglomerate—from access to the U.S. financial system due to its role in laundering proceeds from virtual currency scams and cyber heists.

According to Secretary of the Treasury Scott Bessent, “The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes. 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.”

Recent data shows that losses from online investment scams have been increasing in the United States, reaching over $16.6 billion. In 2024 alone, it is estimated that Americans lost at least $10 billion to scam operations based in Southeast Asia—a substantial rise compared to previous years—with groups like Prince Group TCO playing a significant role.

The coordinated actions include not only OFAC’s sanctions but also concurrent measures by the U.K.’s FCDO against Prince Holding Group, Chen Zhi, and his associates. Additionally, a criminal indictment was unsealed against Chen Zhi in the U.S. District Court for the Eastern District of New York as part of this joint effort involving agencies such as the FBI and U.S. Attorney’s Office.

Huione Group was identified as a major conduit for laundering funds from both North Korean cyber heists and other virtual currency scams across Southeast Asia. FinCEN found that between August 2021 and January 2025, Huione Group laundered at least $4 billion worth of illicit proceeds—including millions linked directly to North Korean actors—prompting its exclusion from all U.S.-based financial transactions.

Prince Group TCO comprises several businesses led by Chen Zhi and his associates and operates through various sectors including entertainment, finance, and real estate headquartered in Phnom Penh. Authorities allege these companies conceal illegal activities such as human trafficking, forced labor, sextortion schemes targeting minors for blackmail purposes, money laundering through offshore shell companies, illegal gambling operations, torture, extortion of workers held against their will within scam compounds in Cambodia—and even murder.

Investigations revealed that some victims lured into working at these compounds were themselves trafficked under false promises of legitimate employment but instead forced into running global fraud schemes known as “pig butchering.” Reports indicate severe abuse suffered by these workers while they were compelled to defraud victims worldwide.

Among notable cases tied to Prince Group TCO is Jin Bei Group Co. Ltd., which runs luxury hotels and casinos implicated in scamming activities leading to significant financial losses among U.S. residents—as highlighted by an FBI investigation identifying $18 million lost by 259 Americans connected with one such operation.

OFAC’s designations extend beyond Cambodia; they target Prince Group TCO’s expanding interests in Palau where facilitators helped secure long-term leases for resort development linked back to Chen Zhi’s network. Several individuals and companies associated with these ventures have also been sanctioned.

Under today’s measures, any property or interests belonging to designated persons within U.S jurisdiction are blocked; American individuals or businesses are generally prohibited from engaging in transactions involving these entities without specific authorization from OFAC.

Secretary Bessent emphasized that these steps aim not only at penalizing offenders but also encouraging positive changes: “The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.”

For more information regarding designated persons or details about seeking removal from OFAC lists—including instructions for those affected—resources are available through official channels provided by OFAC.