US and UK sanction Prince Group, bar Huione Group from US banking system

Overview

Updated 51 minutes ago

The U.S. Treasury designated 146 targets linked to the Cambodia-based Prince Group, a network that runs online investment scams from compounds in Southeast Asia. The U.K. imposed matching sanctions, and the Financial Crimes Enforcement Network barred the Huione Group, a Cambodian financial conglomerate, from the U.S. banking system.

The action severs the financial plumbing that moved at least $4 billion in illicit proceeds between August 2021 and January 2025. That includes $37 million from North Korean cyber heists and hundreds of millions from 'pig butchering' investment scams that have cost Americans billions.

Why it matters

If the sanctions hold, the scam compounds lose their banking access and the laundering network is cut off from dollar clearing.

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Key Indicators

146

Targets sanctioned by OFAC

Individuals and entities linked to Prince Group TCO designated in the original October 2025 action.

$4B

Illicit proceeds laundered by Huione Group

Between August 2021 and January 2025, per FinCEN's Section 311 finding.

$37M

Funds from North Korean cyber heists

Virtual currency laundered by Huione Group on behalf of DPRK-linked actors.

London properties frozen by UK

Worth over £100 million, including a £12 million mansion on Avenue Road.

Voices

Curated perspectives — historical figures and your fellow readers.

Ever wondered what historical figures would say about today's headlines?

People Involved

Chen Zhi

Leader of Prince Group Transnational Criminal Organization

Indicted in Eastern District of New York; stripped of Cambodian citizenship in January 2026

Organizations Involved

Prince Group

Conglomerate / Transnational Criminal Organization

Designated as TCO by US and UK; 146 targets sanctioned

Cambodia-based conglomerate that US and UK authorities say owns and profits from scam compounds targeting victims worldwide.

Huione Group

Financial Services Conglomerate

Barred from US financial system under Section 311

Cambodia-based financial conglomerate that FinCEN says laundered at least $4 billion in illicit proceeds.

U.S. Treasury — Office of Foreign Assets Control (OFAC)

US Treasury Sanctions Agency

Designated 181 total targets linked to Prince Group

The US Treasury's sanctions enforcement arm, which designated Prince Group TCO and its affiliates.

Financial Crimes Enforcement Network (FinCEN)

US Treasury Financial Intelligence Unit

Finalized Section 311 rule barring Huione Group

The US Treasury's financial intelligence unit, which severed Huione Group from the US banking system.

Foreign, Commonwealth & Development Office (FCDO)

Government ministry

Imposed matching sanctions on Prince Group and Chen Zhi

The UK's foreign ministry, which froze 19 London properties worth over £100 million linked to Prince Group.

Timeline

October 2025 October 2026

4 events Latest: Today

Tap a bar to jump to that date

October 2026
Coordinated US-UK action against Prince Group and Huione Group
Today Enforcement

The coordinated action against Prince Group and Huione Group continues, with the Section 311 rule in effect and legal proceedings underway in New York.
Today
June 2026
US adds 35 more targets, proposes H-Pay amendment
Sanctions

OFAC sanctions 9 individuals and 26 entities; FinCEN proposes extending Section 311 rule to H-Pay Service PLC.
June 2026
January 2026
Chen Zhi stripped of Cambodian citizenship
Legal

Cambodia strips the Prince Group leader of his titles and citizenship following international pressure.
January 2026
October 2025
US and UK designate Prince Group TCO
Sanctions

OFAC sanctions 146 targets; FinCEN finalizes Section 311 rule barring Huione Group; UK freezes 19 London properties.
October 14th, 2025

Scenarios

Chen Zhi Convicted in Brooklyn Federal Court

Possible Resolves by End of 2027

Discussed by: US prosecutors in the Eastern District of New York

The unsealed indictment against Chen Zhi could lead to a conviction. US prosecutors have already secured cooperation from other targets, and the coordinated sanctions pressure may push associates to testify against him. A conviction would mark the first major criminal accountability for the scam compound industry.

Huione Group Circumvents Sanctions Through Successor Entities

Likely Resolves by Q2 2027

Discussed by: FinCEN, which proposed amending the Section 311 rule in June 2026

The June 2026 proposal to include H-Pay Service PLC suggests Huione Group is trying to evade the ban through successor entities. If FinCEN finalizes the amendment, it would close this loophole. Without it, the group could continue processing dollar transactions through new entities.

Sanctions Expand to More Prince Group Affiliates

Likely Resolves by Oct 12, 2027

Discussed by: OFAC, which has already added 35 more targets since the original designation

The pattern of expanding sanctions suggests more affiliates could be added. Countries that seized properties after the original designation may take further action. The US could also pursue secondary sanctions against offshore affiliates that continue to do business with Prince Group.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

September 2005

Banco Delta Asia (2005)

The US Treasury designated Banco Delta Asia, a Macau bank, under Section 311 for laundering North Korean funds. The bank had handled counterfeit $100 bills and other illicit proceeds for Pyongyang, including funds from drug trafficking.

Then

The designation cut the bank off from the US financial system, freezing its dollar clearing. Macau regulators seized $24 million in North Korean accounts.

Now

The action pressured North Korea to return to six-party talks on its nuclear program. It became a template for using financial measures to target state-linked money laundering.

Why this matters now

The Huione Group action uses the same Section 311 tool against a bank that laundered North Korean cyber heist proceeds, extending the 2005 playbook to the digital era.

February-April 2022

Russian oligarch sanctions (2022)

After Russia's invasion of Ukraine, the US, UK, and EU coordinated sanctions on Russian oligarchs, freezing yachts, properties, and bank accounts. The UK froze over £18 billion in assets, and the EU added hundreds of individuals to its sanctions list.

Then

The sanctions locked oligarchs out of Western financial systems and forced many to sell assets at a discount. Some properties were seized and repurposed for humanitarian use.

Now

The coordinated approach became a model for multi-country financial pressure on criminal networks, with the US and UK acting in lockstep.

Why this matters now

The US-UK coordination on Prince Group mirrors the 2022 approach, with both countries imposing matching sanctions and freezing properties simultaneously.

January 2023

Hive ransomware takedown (2023)

The FBI, along with Europol and agencies from several countries, infiltrated and disrupted the Hive ransomware group. The FBI had been inside the group's network for months, collecting decryption keys and monitoring its operations.

Then

The operation prevented over $130 million in ransom payments and led to the group's infrastructure being seized. Several members were arrested.

Now

It demonstrated that international law enforcement coordination can dismantle cybercrime networks that operate across borders.

Why this matters now

Like the Hive takedown, the Prince Group action shows how international coordination can disrupt cybercrime networks that operate across borders and launder money through multiple jurisdictions.