U.S. Department of the Treasury sanctions 146 Prince Group cyber-scam targets and cuts Huione Group off from the U.S. financial system

The U.S. Department of the Treasury announced a coordinated U.S.–U.K. action against Southeast Asia-linked cyber scam and laundering networks, with the Office of Foreign Assets Control (OFAC) designating the Cambodia-based Prince Group as a transnational criminal organization and blocking 146 related individuals and entities, and the Financial Crimes Enforcement Network (FinCEN) finalizing a USA PATRIOT Act section 311 rule to sever Huione Group from the U.S. financial system. OFAC’s action targets Prince Holding Group, its chairman and chief executive Chen Zhi, and a further network of 117 affiliated businesses described largely as offshore shell companies, alongside additional people and entities tied to Prince Group’s operations in Palau; the U.K. Foreign, Commonwealth and Development Office concurrently sanctioned Prince Holding Group, Chen Zhi and key associates, and U.S. authorities unsealed an indictment against Chen Zhi in the Eastern District of New York. FinCEN found Huione Group laundered at least USD 4 billion in illicit proceeds between August 2021 and January 2025, including amounts linked to Democratic People’s Republic of Korea cyber heists and virtual currency investment scams, and the final rule prohibits covered financial institutions from opening or maintaining correspondent accounts for or on behalf of Huione Group and requires reasonable steps to prevent Huione Group-related transactions through foreign banks’ U.S. correspondent accounts; OFAC’s blocking measures also apply to entities owned 50 percent or more by designated persons.