The US and the UK have imposed sanctions on a network of people and companies said to operate illegal scam centres in Southeast Asia. The sanctions target the Prince Group and its affiliates.

UK Sanctions

The UK has imposed sanctions on 6 companies and 6 people under the Global Human Right Sanctions Regulations, including:

• The Prince Group and its Chairman Chen Zhi;
• The Jin Bei Group, an entertainment business said to have ties to the Prince Group; and
• Byex Exchange, a crypocurrency platform linked to the Jin Bei Group and the Prince Group.

According to the UK government, assets affected by the sanctions include several high-value residential properties in London and an office building on Fenchurch Street.

US sanctions

The US sanctioned 146 people and companies for their alleged ties to the Prince Group. This includes:

• Guy Chhay, Lei Bo, Ing Dara, Zhu Zhongbiao, Sin Huat Alan Yeo, Zhou Yun, Chen Xiuling, Wei Qianjiang, and Thet Li, all of whom are said to hold senior positions in the Prince Group and affiliated groups;
• Warp Data Technology Lao Sole Co, which is said to mine bitcoin for the Prince Group in Laos;
• Golden Fortune Resorts World Co Ltd, which is said to be a “scam compound” in Cambodia; and
• 7 people and 3 companies in Palau which are said to have enabled Prince Group investments in Palau.

Prince World was sanctioned for being a transnational criminal organisation under Executive Order 13581. The other targets were sanctioned under EO 13581 for their alleged links to the Prince Group. The US issued TCO General License No 1, which authorises wind down transactions involving the newly sanctioned Prince Group and entities owned by them until 13 November 2025.

The US also unsealed an indictment against the Chairman of the Prince Holding Group and filed the Department of Justice’s largest ever civil forfeiture action against approximately $15 billion in bitcoin held by him.

Huione Final Rule

The US Financial Crimes Enforcement Network (FinCEN) issued a Final Rule targeting Huione Group, a Cambodian financial services provider, under section 311 of the USA PATRIOT Act because it is “of primary money laundering concern”. This means US banks, brokers, commission merchants, and mutual banks must:

• Refuse to open or maintain any US bank account for Huione;
• Refuse to process transactions for US-based correspondent accounts of foreign financial institutions if they involve Huione; and
• Conduct special due diligence of foreign correspondent accounts to avoid processing transactions related to Huione.