U.S. and U.K. Launch Historic Crackdown on Southeast Asian Cybercrime Networks
WASHINGTON D.C. - October 14, 2024 – The United States and the United Kingdom today announced the largest-ever coordinated action targeting illicit financial networks enabling cybercriminals operating in southeast Asia, disrupting schemes linked to online fraud, money laundering, and other criminal activities. The joint effort focuses on dismantling the financial infrastructure supporting these networks,with the U.S. treasury Department’s Office of foreign Assets Control (OFAC) designating individuals and entities involved.
OFAC announced sanctions against a complex web of actors facilitating financial transactions for cybercriminal enterprises. key designations include chen zhi, and individuals and entities linked to Grand Legend and Rose Wang. Specifically, OFAC designated Chen Xiao’er, Yang Jian, Yang Yanming, Shih Ting-yu, Michelle Reishane Wang, and Huang Chieh for being owned or controlled by, or acting for or on behalf of, Grand Legend. Rose Wang was designated for materially assisting, sponsoring, or providing support to Grand Legend. Additionally, Jing Pin Inc.and Aqua Pure Water Inc. were sanctioned for being owned or controlled by, or acting for or on behalf of, Rose Wang.
These designations stem from Executive Order 13581, as amended. As a result of these actions,all property and interests in property of the designated individuals and entities within the United States,or in the possession or control of U.S. persons, are blocked and must be reported to OFAC. Any entity owned 50% or more, directly or indirectly, by a blocked person is also blocked.
OFAC regulations generally prohibit transactions by U.S. persons, or within (or transiting) the United States, involving property or interests in property of these designated parties, unless authorized by a license or exemption. Individuals and entities engaging in certain transactions with those designated today may face sanctions or enforcement action. Non-U.S. persons are also prohibited from conspiring to cause U.S. persons to violate U.S. sanctions or engaging in conduct that evades them.
OFAC emphasizes that the goal of sanctions is not punishment, but positive behavioral change. information regarding the process for seeking removal from the Specially Designated Nationals and Blocked Persons (SDN) List is available on the OFAC website.
Further details on the designated individuals and entities can be found here, and a chart outlining the designations is available here. The final rule regarding the Huione Group, submitted to the Federal Register, can be accessed here.
OFAC’s Economic Sanctions Enforcement Guidelines are available here for more information on enforcement.
