On the 27th, the government designated 132 organizations, including Prince Group and Huiyuan Group, and 15 individuals for independent sanctions. The decision was based on a determination that they were directly or indirectly involved in crimes in Southeast Asia targeting Korean nationals, including scam fraud, luring, and confinement. This is the first time the government has imposed independent sanctions on transnational crimes.
Those subject to independent sanctions are transnational criminal organizations in Southeast Asia and their members and helpers. Individuals and organizations linked to Prince Group, which created and operated the large-scale scam compounds "Taija Compound" and "Mango Compound," where Korean nationals were entangled and confined, were included. Huiyuan Group, which was involved in money laundering, and its subsidiaries are also subject to sanctions, and the head of a scam organization active in the Bohai region of Cambodia and members involved in the domestic case of assault, confinement, and death of a university student were designated as well.
Prince Group had previously been sanctioned by the United States and the United Kingdom. Huiyuan Group is also a "primary money laundering concern financial institution" designated by the U.S. Treasury.
Under this measure, the domestic asset (including virtual asset) of the sanctioned individuals and organizations will be frozen in accordance with relevant laws, and financial transactions will be restricted. Individuals will also be subject to an entry ban.
The government said this measure is "Korea's first independent sanctions in response to transnational crime and the largest single sanctions package ever." It is seen as demonstrating a strong will to respond to the spread of online illegal organized crime in Southeast Asia and to damages at home and abroad.
A government official said, "Based on interagency cooperation and international coordination, we will continue to identify additional sanction targets and block illicit funds," adding, "We will prevent criminal organizations from disrupting overseas criminal networks or using Korea as a place to conceal and launder criminal proceeds."