South Korea joins U.S., UK imposing sanctions on Cambodia’s Prince Group
INCHEON, SOUTH KOREA – OCTOBER 18: Sixty-four South Koreans detained by Cambodian immigration officials arrive at Incheon International Airport on a chartered flight on October 18, 2025 in Incheon, South Korea.
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South Korea has become the latest country to impose sanctions on Prince Group, a multinational network accused of running large-scale fraud operations in Southeast Asia.
Seoul’s move follows similar actions by the US, UK and Singapore.
In a statement On Thursday, South Korea’s Ministry of Foreign Affairs said the measures were the country’s first independent sanctions on transnational crimes and the “largest single sanctions measure in history,” according to Google translation.
“This demonstrates the government’s determination to actively respond to online organized crime that is causing serious damage at home and abroad in Southeast Asia,” the statement said. expressions were used.
Prince Group is accused of operating large-scale online ‘scam hubs’ in Cambodia and Myanmar that use trafficked workers to defraud victims worldwide. South Korean sanctions target 15 individuals and 132 organizations connected to the network.
The documents detail the completion of two private facilities powered by 1,250 mobile phones that controlled 76,000 accounts on a popular social media platform.
Source: Eastern District of New York, USA
South Korea and Cambodia decided in October to establish a joint task force to help fight online crimes. University student died from torture in a fraud complex in August.
Prince Group has denied any wrongdoing. on November 11 expression In a statement released through US law firm Boies Schiller Flexner, the group described the allegations as “baseless”.
“The latest allegations are baseless and appear to be aimed at justifying the unlawful seizure of assets worth billions of dollars,” the Cambodia-based network said, adding that it had engaged a team of lawyers from the US legal powerhouse.
CNBC reached out to Prince Group and Boies Schiller Flexner for comment but did not immediately hear back.
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The latest action against Prince Group builds on broader international efforts to disrupt fraud networks in the region. On October 14, the USA and England US Treasury Department’sTransnational Criminal Organization“
The U.S. Department of Justice also seized approximately $15 billion worth of Bitcoin held in cryptocurrency wallets belonging to Cambodian Chen Zhi, head of Prince Group, on October 14. Zhi, a 38-year-old Chinese-born immigrant also known as “Vincent” charged with wire fraud conspiracy and money laundering conspiracy and is at large.
Prince Group Transnational Criminal Organization Scheme
US Treasury Department
Another Cambodian financial network, Huione Group, was also banned from the US financial system on the same day. indicted in May For colluding with North Korean cybercriminals.
“Huione Group serves as a critical nexus for the laundering of proceeds from cyber heists committed by the Democratic People’s Republic of Korea (DPRK) and [Transnational Criminal Organizations] The U.S. Treasury Department said virtual currency investment scams, commonly known as “pork butchering” scams, among others, are being carried out in Southeast Asia.
The sanctions Seoul announced on Thursday also target the Huione Group.
British government Centers in Southeast Asia use fake job postings, he said to lure workers who are then forced to commit online fraud, including romance scams and crypto scams, under threat of torture.
In October, Singapore seized more than S$150 million in assets tied to the group. These included bank accounts, securities accounts and cash, the Singapore Police Force said.
