The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in close coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), took complementary actions today against criminal networks responsible for targeting citizens of the United States and other allied nations through online scams and the laundering of stolen funds.

OFAC imposed sweeping sanctions on 146 targets within the Prince Group Transnational Criminal Organization (Prince Group TCO), a Cambodia-based network led by Cambodian national Chen Zhi that operates a transnational criminal empire through online investment scams targeting Americans and others worldwide. In addition, FinCEN finalized a rule under Section 311 of the USA PATRIOT Act to sever the Cambodia-based financial services conglomerate, Huione Group, from the U.S. financial system. For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors.

“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.”

Over $16 Billion Lost to Online Scams Spurs U.S.–U.K. Action

U.S. losses to online investment scams have steadily increased over the last several years, totaling over $16.6 billion. A U.S. government estimate indicated that Americans lost at least $10 billion to Southeast Asia-based scam operations in 2024, a 66 percent increase over the prior year, with scams like those perpetrated by Prince Group TCO being particularly significant.

The U.K.’s FCDO has concurrently imposed sanctions on Prince Holding Group, Chen Zhi, and his key associates. Today’s bilateral sanctions actions are accompanied by the unsealing of a criminal indictment in the U.S. District Court for the Eastern District of New York against Chen Zhi.

Alongside today’s coordinated sanctions action, Treasury’s FinCEN issued a Section 311 final rule that severs Huione Group from the U.S. financial system. As described in the final rule, Huione Group serves as a critical node for laundering proceeds of cyber heists carried out by the Democratic People’s Republic of Korea (DPRK), and for TCOs in Southeast Asia perpetrating virtual currency investment scams, commonly known as “pig butchering” scams. Significantly, Huione Group laundered at least $4 billion worth of illicit proceeds between August 2021 and January 2025.

Prince Group TCO: A Cyberfraud Empire Engaged in Human Trafficking and Money Laundering

Prince Group TCO is composed of Cambodia-based Prince Holding Group, its Chairman and CEO Chen Zhi, his close associates and business partners, and their core commercial interests. Headquartered in Phnom Penh, this multi-national conglomerate has investments in entertainment, finance, and real estate. Prince Holding Group’s promotional materials conceal its laundry list of transnational crimes, including the construction, operation, and management of scam compounds reliant on human trafficking and modern-day slavery, where industrial-scale cyberfraud operations target victims around the world, including U.S. citizens.