Washington News — The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in collaboration with the UK's Foreign, Commonwealth & Development Office (FCDO), announced the largest joint action to date against Cambodia's "Prince Group" and its associated network. This action marks an unprecedented step by the US and UK governments in addressing transnational fraud, money laundering, and human trafficking issues in Southeast Asia.
U.S. Treasury Department: Prince Group Officially Listed as a Transnational Criminal Organization
The OFAC has placed the "Prince Group Transnational Criminal Organization" (Prince Group TCO) and its 146 members on the sanctions list. Led by Cambodian businessman Chen Zhi, headquartered in Phnom Penh, the group has established a multi-national criminal empire through online investment fraud, human trafficking, and money laundering activities. Meanwhile, the U.S. District Court for the Eastern District of New York has brought criminal charges against Chen Zhi, with the FBI also involved in the investigation and evidence collection.
U.S. Treasury Secretary Scott Bescent stated that the rapid spread of transnational network fraud has caused American citizens to lose billions of dollars. "The Treasury will continue to work closely with international partners to cut off the funding sources for these predatory networks and protect the safety of citizens' property."
FinCEN Cuts Off Huione Group's Connection with the U.S. Financial System
In addition to the Prince Group, the U.S. Financial Crimes Enforcement Network (FinCEN) has also, under Section 311 of the USA PATRIOT Act, announced the complete exclusion of the Cambodia-based Huione Group from the U.S. financial system. The group has long been a key node in money laundering networks for cryptocurrency fraud and North Korean hacker groups. FinCEN noted that between 2021 and 2025, the Huione Group handled over $4 billion in laundered money, including about $37 million from North Korean cyber theft, $36 million from cryptocurrency investment fraud, and about $300 million from other online fraud funds. According to the new regulations, U.S. financial institutions must refuse to open or maintain correspondent accounts for the group and block related fund transfers.
Spike in Online Fraud Spurs Transnational Joint Action
U.S. government data shows that in 2024 alone, U.S. citizens lost $10 billion due to online investment fraud in the Southeast Asia region, an increase of two-thirds from the previous year. Over the past decade, crime networks centered in Cambodia have gradually evolved into regional fraud industry chains, with the Prince Group being one of the most influential organizations. The group not only controls a large amount of illegal asset flows in Southeast Asia but is also deeply involved in real estate, finance, and casino industries, using legitimate facades to cover the flow of criminal funds.
UK Initiates Simultaneous Sanctions and Judicial Actions
In sync with the actions of the U.S. Treasury Department, the UK's Foreign, Commonwealth & Development Office (FCDO) has also imposed sanctions on the Prince Group, Chen Zhi, and his associates, freezing their assets within UK jurisdiction and prohibiting British companies from doing business with them. The UK has also collaborated with the U.S. Department of Justice to conduct criminal investigations into the involved individuals, demonstrating the close cooperation between the two countries in financial regulation and transnational crime fighting.
The Dark Operations of the Prince Group: Human Trafficking, Torture, and Sexual Extortion
The Prince Group TCO manipulates online fraud, sexual extortion, money laundering, illegal gambling, and extortion activities through its holding companies and shell companies. Victims are often lured to Cambodian complexes with high-paying job offers, where they are forced to engage in scams such as "pig butchering," during which they suffer beatings, isolation, torture, and threats. The group is also involved in multiple violent incidents—including murders at hotels and casinos operated by its Golden Bay Group in Cambodia. In 2022, the FBI cracked a money laundering network related to the group, confirming that at least 259 Americans were defrauded of a total of $18 million.
Chen Zhi and Core Network: From Casinos to Offshore Accounts
Chen Zhi and several close associates control the financial operations of the Prince Group, including senior executives of the Golden Bay Group such as Guy Chhay, Jack Zhu, and Ing Dara. They are responsible for park construction, financial management, and international money laundering channels. The group has also established numerous offshore shell companies to transfer and conceal the flow of funds. OFAC's action also specifically sanctioned 117 Prince Group-related enterprises, most of which are registered in offshore jurisdictions, specifically used for asset hiding and international currency exchange.
Expansion to Palau: The "Legal Facade" of the Criminal Network
The influence of the Prince Group has extended to the Pacific island nation of Palau. The group's "Grand Legend International Asset Management Limited" obtained a 99-year island lease through Palauan businessman Rose Wang and plans to develop a luxury resort. Investigations show that this project is used as a platform for money laundering and political infiltration. The U.S. Treasury Department has placed Grand Legend, Jing Pin Inc., Aqua Pure Water Inc., and several related individuals on the sanctions list.
Consequences and Warnings of Sanctions
According to OFAC's sanctions regulations, individuals and entities on the list will have their assets within the U.S. and under U.S. jurisdiction frozen, and U.S. citizens and businesses are prohibited from transacting with them. The Treasury emphasizes that any third party assisting in evading sanctions, even if not a U.S. citizen, may face secondary sanctions or criminal penalties. More enforcement details are included in the Treasury's "Economic Sanctions Enforcement Guidelines."
