US adds sanctions involving Prince Group over scams, Treasury says

The US has imposed sanctions on nine individuals and 26 entities linked to the Prince Group, accused of running overseas scam operations targeting American victims.

​The United States issued sanctions ​on Tuesday against ‌nine people ​and 26 entities linked to the Prince Group, which it says has lead overseas ‌scam operations targeting Americans.

The action builds on the Treasury Department's 2025 designation of the Cambodian conglomerate, which has interests in everything from real estate ‌to banking and airlines. "Scam centers in Southeast Asia steal ‌billions of dollars from American victims each year," said Treasury Secretary Scott Bessent said in a statement.

Treasury said its Financial Crimes Enforcement Network proposed changing its ⁠2025 Huione ​Group Final ⁠Rule to include HPay Service PLC and any successor entity. The Huione Group has ⁠been critical in laundering proceeds of cyber heists and virtual currency investment ​scams and was used by the Prince Group for proceeds ⁠from its scams, Treasury said.

Southeast Asia-based transnational criminal organizations target Americans through large ⁠scale ​cyber fraud and scam operations, the department said. "A U.S. government estimate reported that Americans lost at least $10 billion in 2024 ⁠to Southeast Asia-based scam operations, a 66 percent increase over the prior ⁠year," it ⁠said in a statement.

Treasury said one of the most common and lucrative schemes involves digital asset investment fraud.