^{Photo: Al Jazeera}

South Korea Launches Its Most Extensive Sanctions to Date

South Korea has joined a rapidly expanding international front targeting Prince Group, a Cambodian-based conglomerate accused of operating sprawling online scam networks across Southeast Asia. The Ministry of Foreign Affairs announced that this action represents the nation’s first independently issued sanctions on transnational crime — and the largest single sanctions package ever imposed by the South Korean government.

Officials emphasized that the decision underscores Seoul’s determination to confront online criminal syndicates that have inflicted large-scale financial losses on victims worldwide, including South Korean citizens. The new sanctions list includes 15 individuals and 132 entities linked to the Prince Group’s alleged operations in Cambodia and Myanmar. Authorities say these networks used trafficked laborers and forced labor conditions to run highly coordinated digital fraud schemes.

Allegations Against Prince Group and Regional Criminal Networks

Prince Group stands accused of running industrial-scale cyber fraud compounds commonly referred to as “scam centers.” These facilities allegedly recruited or trafficked workers across Cambodia and Myanmar, forcing them to conduct online scams ranging from investment fraud to romance schemes. Investigations across the region indicate that tens of thousands of people have been exploited in similar compounds operated by various criminal organizations.

The pressure on Prince Group has mounted throughout 2024 as multiple countries have taken action. In October, the United States and United Kingdom both issued sweeping sanctions against the group, with the U.S. Treasury designating it a Transnational Criminal Organization. On the same day, the U.S. Department of Justice seized approximately 15 billion dollars in bitcoin held in wallets attributed to Chairman Chen Zhi — also known as Vincent — a 38-year-old Chinese-born Cambodian businessman now facing wire fraud and money laundering conspiracy charges. Chen remains at large.

Another network, Huione Group, was also cut off from the U.S. financial system after authorities accused it of working with North Korean hacking groups and facilitating cybercrime and “pig butchering” investment scams. The Treasury described Huione as a core financial hub for laundering illicit proceeds across Southeast Asia. South Korea’s newly announced sanctions also include Huione Group and several of its affiliates.

Denials and Legal Countermoves

Prince Group has firmly rejected all allegations. In a statement issued November 11 through the U.S. law firm Boies Schiller Flexner, the organization said the claims were “baseless” and politically motivated. Representatives argued that authorities in multiple countries were attempting to justify the seizure of assets “worth billions of dollars.”

The group has reportedly hired an expanded team of attorneys in the United States to push back against the charges. Prince Group maintains that it operates legally in Cambodia and disputes any involvement in trafficking or forced labor. Requests for further comment from the group and its legal representatives have gone unanswered.

A Widening Global Crackdown

South Korea’s move is part of a broader international effort to dismantle cyberfraud networks that have flourished across Cambodia, Myanmar, Laos, and the wider Mekong region. Reports from human rights groups and regional authorities describe a surge in abuse cases, including workers kidnapped or trafficked into scam compounds and subjected to beatings, electric shocks, or torture if they refused to participate.

In August, the death of a Cambodian university student — allegedly tortured in a scam compound — prompted South Korea and Cambodia to establish a joint task force to address cybercrime and human trafficking. Singapore has also participated aggressively: in October, its authorities seized more than 150 million Singapore dollars in bank accounts, cash, and securities tied to Prince Group-linked operations.

The UK government has likewise described the scam networks as sophisticated criminal enterprises that rely on fake job postings to lure workers into facilities where they are coerced into conducting online fraud schemes involving cryptocurrency, romantic manipulation, and investment deception.

What Comes Next

With each new sanction, the financial and operational pressure on Prince Group intensifies. Regional governments are strengthening intelligence sharing, coordinating law-enforcement actions, and tightening banking and cryptocurrency regulations to disrupt these criminal economies.

Analysts expect more countries to join the sanctions effort in the coming months as investigations continue to uncover deeper links between scam compounds, human trafficking networks, and international money-laundering operations.

For now, Seoul’s record-breaking sanctions signal a turning point — a clear message that governments are no longer willing to tolerate the rapid expansion of organized cyberfraud networks across Southeast Asia.