The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), in close coordination with the UK’s Foreign, Commonwealth, and Development Office (FCDO), have taken complementary actions against criminal networks responsible for targeting citizens of the US and other allied nations through online scams and the laundering of stolen funds.
OFAC has 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 (陈志) 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 US financial system. For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors.
The UK’s FCDO has concurrently imposed sanctions on Prince Holding Group, Chen Zhi, and his key associates.
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Byron Wan
@Byron_Wan
UK and Cambodian national Chen Zhi (陈志) — originally from Fujian, 
China — aka Vincent, the founder and chairman of Prince Holding Group, a multinational business conglomerate based in Cambodia, has been charged with wire fraud conspiracy and money laundering conspiracy for x.com/byron_wan/stat…
Show more China — aka Vincent, the founder and chairman of Prince Holding Group, a multinational business conglomerate based in Cambodia, has been charged with wire fraud conspiracy and money laundering conspiracy for x.com/byron_wan/stat…