The U.S. Department of the Treasury, through its Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), has announced major actions against cybercriminal networks operating in Southeast Asia. These measures were coordinated with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO).
OFAC imposed sanctions on 146 targets associated with the Prince Group Transnational Criminal Organization (TCO), a Cambodia-based network led by Chen Zhi. This group is alleged to have run online investment scams targeting Americans and people worldwide. At the same time, FinCEN finalized a rule under section 311 of the USA PATRIOT Act that cuts off Huione Group—a financial services conglomerate based in Cambodia—from accessing the U.S. financial system due to its role in laundering proceeds from virtual currency scams.
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.”
Losses related to online investment scams in the U.S. have grown significantly, reaching over $16.6 billion in recent years. In 2024 alone, Americans lost at least $10 billion to scam operations based in Southeast Asia—an increase of 66 percent from the previous year—with Prince Group TCO being a significant contributor.
The FCDO also imposed sanctions on Prince Holding Group, Chen Zhi, and key associates as part of this joint effort. A criminal indictment was unsealed against Chen Zhi in the U.S. District Court for the Eastern District of New York as part of these actions.
FinCEN’s final rule identifies Huione Group as a critical node for laundering funds from cyber heists conducted by actors linked to North Korea and other transnational criminal organizations involved in virtual currency scams such as “pig butchering.” Between August 2021 and January 2025, Huione Group allegedly laundered at least $4 billion in illicit proceeds—including funds connected to North Korean cyber activities and other scam operations.
As a result of this rule, U.S.-covered financial institutions are now barred from opening or maintaining correspondent accounts for Huione Group or processing transactions involving it within correspondent accounts for foreign banking institutions.
Prince Group TCO includes Prince Holding Group and its chairman Chen Zhi along with business partners and subsidiaries engaged in both legitimate businesses—such as entertainment, finance, and real estate—and illegal activities like human trafficking and online fraud schemes targeting global victims.
“Pig butchering” schemes involve cultivating relationships with victims over months before convincing them to invest money into fraudulent platforms controlled by scammers who then disappear with their funds. Reports indicate that workers inside scam compounds are often trafficked individuals subjected to abuse and forced labor.
Among properties linked to these activities is Jin Bei Group Co. Ltd., a luxury hotel and casino operator connected to cases of extortion, forced labor, scamming operations, and murder. The FBI identified losses totaling $18 million among U.S. persons defrauded through Jin Bei-related scams during a single investigation.
Key individuals sanctioned include Chen Zhi; his associates Guy Chhay, Lei Bo, Ing Dara; financial assistants Sin Huat Alan Yeo (“Alan Yeo”), Zhou Yun (“Sandy Zhou”), Chen Xiuling (“Karen Chen”); Wei Qianjiang; Thet Li; Zhu Zhongbiao (“Jack Zhu”); along with several companies affiliated with Prince Group TCO.
Treasury also targeted Prince Group TCO’s expansion into Palau through resort developments facilitated by organized crime figure Wang Guodan (“Rose Wang”) using entities such as Grand Legend International Asset Management Co., Ltd., Jing Pin Inc., and Aqua Pure Water Inc.
Sanctions require all property belonging to designated persons within U.S jurisdiction be blocked and reported; any transaction involving those entities is generally prohibited unless authorized by OFAC.
“The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior,” according to OFAC guidelines.
Further details about designated individuals and entities can be found on official government websites including charts listing those affected by today’s action.
