The Office of Foreign Assets Control announced the following sanctions action.
Transnational Criminal Organization-related Sanctions
Treasury targets Cambodia-based cybercrime network and financial facilitators: OFAC on Oct. 14, in coordination with the UK government, imposed sweeping sanctions on 146 individuals and entities linked to the Prince Group Transnational Criminal Organization (TCO). Led by Cambodian national Chen Zhi, this network operates large-scale online investment scams targeting U.S. and global citizens.
In a parallel action, FinCEN finalized a rule under Section 311 of the USA PATRIOT Act to sever the Huione Group, a Cambodia-based financial services conglomerate, from the U.S. financial system. Huione Group has laundered over $4 billion in illicit proceeds, including funds from cyber heists and virtual currency scams. Read more.
In related news, OFAC issued a general license authorizing the wind-down of certain transactions involving Prince Holding Group, Prince Bank Plc., Prince Huan Yu Real Estate Cambodia Group Co., Ltd, and any entities they majority-own.
Russia-related Sanctions
OFAC removes Turkish shipyard from SDN List: OFAC on Oct. 9 removed Kuzey Star Shipyard—also known as North Star Shipyard—from the Specially Designated Nationals (SDN) List under Executive Order 14024 related to Russia. The company, based in Istanbul, Turkey, had previously been designated for its ties to Russia’s state-owned Atomflot. Read more.
Iran-related Sanctions
Treasury sanctions Iran-linked networks supporting Iraq’s economy: OFAC on Oct. 9 sanctioned a network of individuals and entities aiding the Iranian regime in evading U.S. sanctions, smuggling weapons, and corrupting Iraq’s financial and security sectors.
Among the designees are:
- Iraqi bankers accused of laundering millions for Iran and embedding militia financing into Iraq’s financial system.
- Front companies, including Muhandis General Company and Baladna Agricultural Investments
- IRGC-linked intelligence operatives gathering sensitive information on Iraqi and U.S. personnel.
These actions target Iran’s use of proxy militia groups to infiltrate Iraq’s institutions and threaten regional stability. The designations were made under Executive Order 13224, as amended. Read more.
Treasury sanctions over 50 actors supporting Iran’s energy exports: OFAC on Oct. 9 sanctioned more than 50 individuals, entities, and vessels for facilitating the export of billions of dollars’ worth of Iranian petroleum and liquefied petroleum gas (LPG).
The designated actors span Asia, the Middle East, and maritime networks, including:
- Shipping companies and vessels transporting Iranian oil to China, Pakistan, and Bangladesh.
- Petrochemical traders importing Iranian-origin products into India.
- China-based refineries and terminals processing Iranian crude oil.
- UAE and Hong Kong firms enabling payments and logistics for Iran’s energy sector.
The action was taken under Executive Orders 13902 and 13846. Read more.
Foreign Terrorist Organization Sanctions
Treasury sanctions Mexican network supplying fentanyl precursors to Sinaloa Cartel: OFAC on Oct. 6 sanctioned eight Mexican individuals and 12 Mexico-based companies affiliated with the Los Chapitos faction of the Sinaloa Cartel, a designated terrorist organization.
Among the designees include:
- Members of the Favela López family, who operate Sumilab, a chemical and lab equipment firm previously sanctioned in 2023.
- Martha Emilia Conde Uraga, a long-time chemical broker using fraudulent invoicing and concealment tactics to support cartel operations.
- The sanctioned companies span chemical, agricultural, cleaning, and real estate sectors, and are accused of laundering money and facilitating logistics for fentanyl production. Read more.
Corruption and Human Rights Abuse Designations
OFAC removes multiple entries from SDN List: OFAC on Oct. 6 removed Horacio Manuel Cartes Jara, the former President of Paraguay and companies linked to him from the Specially Designated Nationals (SDN) List under the Global Magnitsky sanctions program (GLOMAG). Removed entities include Tabacalera del Este S.A. (TABESA), Tabacos USA Inc., Bebidas USA Inc., Dominicana Acquisition S.A. and Frigorifico Chajha S.A.E. Read more.
