Government agencies in the United States and the United Kingdom are targeting cybercriminal networks in Southeast Asia.<\/p>\n
These cybercriminal networks were responsible for online scams targeting citizens of the U.S. and allied nations, and for laundering stolen funds, the Treasury Department<\/a> said in a Tuesday (Oct. 14) press release<\/a>.<\/p>\n In one action, the Office of Foreign Assets Control<\/a> (OFAC) imposed sanctions on 146 targets within a Cambodia-based network called Prince Group Transnational Criminal Organization (Prince Group TCO) that operates online investment scams, according to the release.<\/p>\n In another action, the Financial Crimes Enforcement Network<\/a> (FinCEN) severed from the U.S. financial system the Cambodia-based financial services conglomerate Huione Group, which laundered the proceeds of virtual currency scams and heists for cybercriminals, the release said.<\/p>\n The U.K.\u2019s Foreign, Commonwealth and Development Office<\/a> (FCDO) took complementary actions, imposing sanctions on Prince Holding Group and related individuals, per the release.<\/p>\n U.S. Treasury Secretary Scott Bessent<\/a> said in the release that American citizens have lost billions of dollars to transnational fraud.<\/p>\n Advertisement: Scroll to Continue<\/p>\n Scam operations based in Southeast Asia alone cost Americans at least $10 billion in 2024, a figure that was 66% higher than the previous year, according to the release.<\/p>\n \u201cTreasury is taking action to protect Americans by cracking down on foreign scammers,\u201d Bessent said in the release. \u201cWorking in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.\u201d<\/p>\n It was reported Aug. 3 that the Treasury Department called Huione Group a \u201ccritical node\u201d for laundering<\/a> up to $4 billion from scams and cryptocurrency theft. Huione\u2019s network helped turn Asia\u2019s cyberscam industry into a multibillion-dollar goliath.<\/p>\n