On November 27, the South Korean government announced large-scale sanctions targeting individuals and organizations accused of operating a transnational criminal network, with Prince Group as the focus.
Accordingly, Seoul imposed unilateral sanctions on 15 individuals and 132 organizations for the first time after determining their involvement in cybercrime activities in Southeast Asia.
This is considered an unprecedented strong move, demonstrating South Korea's determination to fight against cross-border crimes.
In the statement, the South Korean government affirmed that the sanctions are an important step in handling active criminal models in Southeast Asia and causing damage globally.
Under the new regulation, individuals and organizations on the list will face frozen assets, including digital assets, restrictions on financial transactions in Korea and an entry ban on individuals.
Seoul believes that these measures could create a direct impact, making it difficult for criminal groups to circulate money and expand their networks.
The Korean Ministry of Foreign Affairs affirmed that it will promote an inter-sectoral approach to prevent cross-border crimes, while strengthening international cooperation to avoid the risk of Korea becoming a transit point for illegal money laundering activities.
This message is clearly stated in the context that Seoul has recently continuously coordinated with countries in the region to deal with online fraud rings.
The sanctions decision came after South Korea and Cambodia agreed to strengthen cooperation in the fight against online fraud.
A month earlier, Seoul had repatriated more than 60 citizens detained in Cambodia on charges of participating in cybercrime activities. This repatriation is seen as part of efforts to control the situation of Korean citizens being drawn into multinational criminal networks.
Prince Group of scam boss Chen Zhi - a group accused of operating many large-scale online scam centers - is said to have used exploitation and forced labor to appropriate the assets of victims around the world.
The group was sanctioned by the UK and the US last month, creating the premise for tougher measures from countries in the region.
Several Asian economies have also seized assets and arrested individuals suspected of being involved in the Prince Group network, showing the reach of this criminal system and the increasingly close coordination between countries in combating cross-border fraud.
