On June 23 (local time), the US imposed sanctions on 9 individuals and 26 organizations related to Prince Corporation, accusing this corporation of leading fraud rings operating abroad targeting US citizens.
The above move continues the US Treasury Department's decision in 2025 to put this Cambodian corporation on the sanctions list. Prince Group operates in many fields, from real estate, banking to aviation.
Swindling centers in Southeast Asia are taking billions of USD away from American victims every year," said US Treasury Secretary Scott Bessent.
According to the US Treasury Department, the Financial Crime Enforcement Network (FinCEN) has proposed amending the final regulation issued in 2025 related to Huione Group, to add HPay Service PLC and any successor legal entities to the scope of application.
According to the US Treasury Department, Huione Group played an important role in laundering money collected from cyberattacks and cryptocurrency investment scams. The agency also accused Prince Group of using Huione Group to legitimize money from fraudulent activities.
The US Treasury Department believes that transnational criminal organizations based in Southeast Asia are targeting Americans through large-scale scam and cyber fraud campaigns.
US government estimates show that Americans have lost at least $10 billion in 2024 due to Southeast Asian-origin fraud, an increase of 66% compared to the previous year," the agency stated.
According to the US Treasury Department, one of the most common and profitable forms of fraud today is digital asset investment fraud.
