New sanctions from the USA against the international fraud network

The US Treasury Department has placed 4 individuals and 41 organizations on the sanctions list that supports the commercial networks of the Prince Group, an international criminal organization linked to cyber fraud, money laundering and human trafficking activities.

In the statement made by the US Department of Treasury, it was reported that the Office of Foreign Assets Control (OFAC) decided to impose new sanctions on individuals and organizations connected to the business networks of Prince Group, which was previously sanctioned for its role in cyber fraud, money laundering and human trafficking activities.

In this context, it was stated that 4 individuals and 41 organizations supporting the commercial activities of the organization were included in the sanctions list.

It was noted that OFAC also sanctioned a Malaysian national who ran an Africa-based fraud network and targeted US citizens.

Billions of dollars in illicit proceeds from fraudulent activities

In the statement, it was stated that people affiliated with Prince Group targeted many people in the United States and around the world with digital asset investment fraud, romantic relationship fraud and other online fraud methods.

It was stated that billions of dollars of illegal revenue were obtained as a result of these activities, and that these revenues were laundered through international shell companies, overseas holdings and financial intermediaries.

It was emphasized that the new sanctions target more broadly the institutional and financial infrastructure used by the organization to circumvent previously imposed sanctions, hide its assets and maintain its access to the international financial system.

Madagascar-based fraud network is also under sanctions

In the statement, it was stated that Chui Kok Wa, who runs a fraud network operating in Madagascar, also defrauded US citizens through digital assets.

It was reported that the fraud network led by Chui made illicit profits of over 400 thousand dollars by targeting many Americans.

"We are determined to dismantle the financial infrastructure of criminal networks"

US Treasury Secretary Scott Bessent, whose evaluations were included in the statement, pointed out that cyber fraud networks continue to steal billions of dollars from Americans.

Bessent stated that these criminal organizations use advanced international commercial and financial networks to launder their illegal revenues.

He emphasized that the US administration is determined to dismantle all elements of criminal networks, including the corporate structures and financial intermediaries that enable these activities.