SEOUL, November 27 (AJP) - The government has imposed sanctions on 15 individuals and 132 business entities including Cambodia-based conglomerate Prince Group for their involvement in online scams and crimes targeting South Korean citizens in Southeast Asia, the Ministry of Foreign Affairs said on Thursday.
This marks the country's first independent and largest sanctions against transnational criminal activities.
According to the ministry, the sanctions target criminal organizations and their affiliates and other accomplices. The Prince Group, along with China-based Huiyuan Group, allegedly involved in large-scale online scams and money laundering, are among those sanctioned.
The Prince Group was previously sanctioned by the U.S. and U.K., and the Huiyuan Group was flagged by the U.S. Treasury for money laundering.
Sanctioned individuals and entities will face asset freezes, restrictions on financial transactions, and entry bans.
The ministry said, "These sanctions demonstrate our commitment to fighting organized crimes, fraudulent schemes, trafficking, and other illicit operations in Southeast Asia. We will continue to work closely with international authorities to tackle these issues."
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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