Government Imposes First Independent Sanctions on Online Scam Crimes: 15 Individuals and 132 Organizations Targeted

Including Prince Group and Huiyuan Group

The government is launching its first independent sanctions against individuals and organizations, including the Prince Group, that have been involved in online scam fraud, luring, confinement, and other criminal activities targeting the public.

On November 27, the government announced that, in response to the issue of online organized crime in Southeast Asia, it has decided to designate 15 individuals and 132 organizations that have been directly or indirectly involved in scam fraud, luring, confinement, and other criminal activities targeting Korean nationals as subjects of independent sanctions.

Yonhap News Agency

The sanctions list includes transnational criminal organizations operating in Southeast Asia, as well as their members and accomplices. Specifically, it covers: ▲ Individuals and organizations related to the Prince Group, which created and operated large-scale scam compounds such as Taija Complex and Mango Complex, where many Korean nationals were implicated and detained; ▲ The Huiyuan Group and its subsidiaries, which were involved in money laundering for transnational criminal organizations; ▲ The main leaders of scam organizations operating in the Bohai region of Cambodia; and ▲ Criminal organization members who are key suspects in the case involving the assault, confinement, and death of a Korean university student.

Among them, the Prince Group was designated last month by both the United States and the United Kingdom as a transnational criminal organization subject to sanctions, while the Huiyuan Group was designated by the U.S. Department of the Treasury last month as a "financial institution of primary money laundering concern."

As a result of this measure, the individuals and organizations designated for sanctions will face asset freezes in Korea, including virtual assets, restrictions on domestic financial transactions, and, in the case of individuals, entry bans, in accordance with relevant laws such as the "Act on Prohibition of Financing for the Purpose of Public Intimidation and Proliferation of Weapons of Mass Destruction," the "Guidelines for Licensing and Permits for the Fulfillment of Obligations for International Peace and Security," and the "Immigration Control Act."

This action by the government marks Korea's first independent sanctions in response to transnational crime and is the largest single sanctions measure to date.

A government official stated, "This demonstrates the government's firm commitment to actively respond to online organized crime in Southeast Asia, which is causing serious harm both domestically and internationally." The official added, "Going forward, the government will continue to respond comprehensively to transnational crime through close interagency cooperation and international collaboration, while disrupting overseas criminal networks and taking further actions such as identifying and designating additional sanctions targets to block illegal funds, ensuring that Korea is not used as a destination for the concealment or laundering of criminal proceeds."