The U.S. Treasury and the U.K. government have launched the most extensive joint action ever taken against cybercriminal networks in Southeast Asia.
The coordinated crackdown targets two major Cambodian entities — Prince Group Transnational Criminal Organization and Huione Group — responsible for large-scale online scams, human trafficking, and money laundering operations.
U.S. and U.K. Take Unprecedented Action
In Washington, D.C., on October 14, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in partnership with the U.K.’s Foreign, Commonwealth, and Development Office (FCDO), announced sweeping sanctions and financial restrictions.
These measures strike directly at criminal networks accused of scamming thousands of victims across the U.S. and allied nations. Treasury Secretary Scott Bessent emphasized that this action is part of a growing global effort to protect Americans from predatory online fraudsters.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” Bessent said.
Billions Lost in Online Investment Scams
The United States has faced soaring losses from cyber scams, reaching over $16.6 billion in total. In 2024 alone, an estimated $10 billion was stolen through online investment schemes originating in Southeast Asia. These scams, often referred to as “pig butchering,” lure victims into long-term fake relationships before defrauding them of their savings.
Criminal groups such as the Prince Group Transnational Criminal Organization (TCO) have been central to this illicit activity, operating under the leadership of Cambodian businessman Chen Zhi.
Sweeping Sanctions on Prince Group TCO
OFAC has designated 146 individuals and entities linked to the Prince Group TCO as part of a crackdown under Executive Order 13581, targeting significant transnational criminal organizations. The sanctions include 117 shell companies and affiliated businesses across Asia and offshore jurisdictions.
The Prince Group’s operations extend far beyond scams, encompassing forced labor, human trafficking, and torture within their compounds. Workers are deceived with job offers and then forced to commit cyberfraud under brutal conditions.
Notable Actions Announced:
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Designation of Prince Holding Group, Prince Bank Plc., and Prince Huan Yu Real Estate Cambodia Group.
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Targeting of Chen Zhi and nine top associates, including Lei Bo, Guy Chhay, and Ing Dara.
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Measures supporting Palau’s efforts to block predatory foreign investments.
Financial Network Cut Off from U.S. System
FinCEN has simultaneously issued a final rule under Section 311 of the USA PATRIOT Act that effectively cuts the Huione Group off from the U.S. financial system. The conglomerate allegedly laundered at least $4 billion between 2021 and 2025 for various cybercriminal groups and North Korea’s state-sponsored hackers.
| Entity | Role in Criminal Activity | Funds Laundered (2021–2025) |
|---|---|---|
| Huione Group | Financial services conglomerate facilitating cybercrime and DPRK operations | $4 billion |
| Prince Group TCO | Online scam empire based in Cambodia | Billions in global scam revenue |
| Jin Bei Group | Casino and hotel chain tied to forced labor and extortion | $18 million traced in one FBI case |
Under the new rule, U.S. financial institutions are prohibited from maintaining accounts or processing transactions linked to Huione Group, ensuring it cannot access American financial channels directly or indirectly.
Human Trafficking and Torture Exposed
Investigations have uncovered harrowing abuses within Prince Group’s compounds. Workers were trafficked, stripped of identification, and subjected to violence and threats. Many victims were forced to engage in sextortion and online scams targeting Americans and Europeans.
These revelations highlight the convergence of modern slavery and cybercrime in Southeast Asia’s underground economy. Reports suggest that at least ten scam compounds operate under Prince Group’s control, using human exploitation to fuel global fraud schemes.
International Cooperation Expands
The sanctions coincide with a criminal indictment against Chen Zhi unsealed by the U.S. District Court for the Eastern District of New York. The case was developed in coordination with the FBI and U.K. enforcement agencies.
British authorities have mirrored U.S. actions by imposing their own sanctions against Prince Group and Chen Zhi, reinforcing a shared commitment to dismantle organized cybercrime networks.
Recent Treasury Crackdowns in the Region
The Treasury Department has been ramping up its campaign against Southeast Asian cybercriminal operations:
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September 2025: Sanctions on Burmese and Cambodian scam facilitators.
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May 2025: Designation of Burmese warlord Saw Chit Thu.
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May 2025: Action against Funnull Technology Inc. in the Philippines for cyberfraud infrastructure.
These cumulative efforts aim to sever the financial lifelines that sustain regional crime networks.
Protecting Americans from Cyber Threats
The latest action underscores the growing scale of cyber-enabled crime and its human toll. By joining forces, the U.S. and U.K. are sending a clear message: foreign actors who exploit technology for profit and pain will face severe financial isolation.
As online scams evolve, Treasury and its partners plan continued enforcement, regulatory tightening, and public awareness campaigns to safeguard individuals from transnational fraud.
Source: U.S. Department of the Treasury Press Release.
Prepared by Ivan Alexander Golden, Founder of THX News™, an independent news organization delivering timely insights from global official sources. Combines AI-analyzed research with human-edited accuracy and context.
