US and UK Announce Sanctions Targeting Online Scams and Money Laundering

Government agencies in the United States and the United Kingdom are targeting cybercriminal networks in Southeast Asia.

These cybercriminal networks were responsible for online scams targeting citizens of the U.S. and allied nations, and for laundering stolen funds, the Treasury Department said in a Tuesday (Oct. 14) press release.

In one action, the Office of Foreign Assets Control (OFAC) imposed sanctions on 146 targets within a Cambodia-based network called Prince Group Transnational Criminal Organization (Prince Group TCO) that operates online investment scams, according to the release.

In another action, the Financial Crimes Enforcement Network (FinCEN) severed from the U.S. financial system the Cambodia-based financial services conglomerate Huione Group, which laundered the proceeds of virtual currency scams and heists for cybercriminals, the release said.

The U.K.’s Foreign, Commonwealth and Development Office (FCDO) took complementary actions, imposing sanctions on Prince Holding Group and related individuals, per the release.

U.S. Treasury Secretary Scott Bessent said in the release that American citizens have lost billions of dollars to transnational fraud.

Scam operations based in Southeast Asia alone cost Americans at least $10 billion in 2024, a figure that was 66% higher than the previous year, according to the release.

“Treasury is taking action to protect Americans by cracking down on foreign scammers,” Bessent said in the release. “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.”

It was reported Aug. 3 that the Treasury Department called Huione Group a “critical node” for laundering up to $4 billion from scams and cryptocurrency theft. Huione’s network helped turn Asia’s cyberscam industry into a multibillion-dollar goliath.

FinCEN said in May that it identified Huione Group as a “financial institution of primary money laundering concern” and issued a notice of proposed rulemaking that the company be cut off from the U.S. financial system.

At that time, FinCEN proposed to prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for or on behalf of Huione Group.