U.S. Treasury Sanctions 35 Individuals and Entities Tied to Southeast Asian Scam Operations Targeting Americans
Summary
The U.S. Department of the Treasury announced coordinated actions to further dismantle the Prince Group Transnational Criminal Organization (TCO), which operates scam compounds in Southeast Asia targeting American victims. OFAC sanctioned 9 individuals and 26 entities linked to the group, including its second-in-command Hu Xiaowei and a network of front companies. FinCEN proposed amending its Huione Group rule to include H-Pay Service PLC. The actions build on prior designations and international cooperation, targeting a criminal enterprise that has cost Americans an estimated $10 billion in 2024 alone through cyber-enabled fraud and digital asset investment scams.
Source
bskyU.S. Treasury Sanctions 35 Individuals and Entities Tied to Southeast Asian Scam Operations Targeting Americanshome.treasury.govKey quotes
· 5 pulledScam centers in Southeast Asia steal billions of dollars from American victims each year.
The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.
A U.S. government estimate reported that Americans lost at least $10 billion in 2024 to Southeast Asia-based scam operations, a 66 percent increase over the prior year.
Individual U.S. victims of these scams have in some cases lost their entire life savings.
The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.
You might also wanna read
Prince Group Chairman Indicted for Operating Forced-Labor Cryptocurrency Fraud Compounds in Cambodia
Cambodian national Chen Zhi, founder and chairman of Prince Holding Group, has been indicted in federal court in Brooklyn for operating forc
justice.gov·8mo ago
Justice Department Takes Coordinated Action Against North Korean IT Worker Revenue Schemes
The U.S. Justice Department announced coordinated nationwide actions against North Korean government schemes using remote IT workers to gene
justice.gov·9mo ago
Foreign Scammers Exploit U.S. Banks to Target Americans
The article discusses how foreign scammers use U.S. banks to defraud Americans, focusing on a specific case involving Brian Maloney Jr. and
propublica.org·1y agoScam Compounds Become Targets in Thai-Cambodian Border War
DOJ Seizes $15 Billion in Bitcoin from Cambodia-Based 'Pig Butchering' Fraud Scheme
The U.S. Department of Justice has seized approximately $15 billion in bitcoin from a massive 'pig butchering' cryptocurrency fraud scheme b
cnbc.com·8mo ago
US Treasury Proposes Expanding Patriot Act to Restrict Bitcoin Privacy Tools
The US Treasury Department and FinCEN are reportedly preparing to expand the Patriot Act to target Bitcoin self-custody practices. The propo
tftc.io·9mo ago
Comments
Sign in to join the conversation.
No comments yet. Be the first.