Overview
- The State Department and Treasury announced new actions on June 23, 2026 that sanction nine people and 26 entities tied to the Prince Group, targeting its leadership, investors and front companies.
- Treasury proposed amending a Section 311 rule to bar U.S. dollar accounts for H-Pay Service PLC and any successor firms, a move meant to sever correspondent banking links used to move illicit funds.
- Officials say the Huione Group, including Huione Pay and H-Pay, has been used to transfer and launder proceeds from Prince Group scam compounds and that some of those channels were used by criminals linked to North Korea.
- U.S. agencies framed the steps as an escalation of a campaign that began with 2025 designations of the Prince Group and roughly 146 related individuals and entities, using sanctions and executive orders to target cybercrime and transnational criminal organizations.
- The actions respond to a sharp rise in U.S. victims of Southeast Asia scam operations — U.S. officials estimated Americans lost at least $10 billion in 2024 — and could limit the group’s ability to hide proceeds in real estate, aviation and other businesses.