US Treasury sanctions 45 individuals and entities linked to Cambodia’s Prince Group
US sanctions 45 more Prince Group targets over scam network finances
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On November 5, the US Treasury Department sanctioned 4 individuals and 41 companies linked to Cambodia’s Prince Group, bringing the total number of sanctioned targets connected to the group to 226. OFAC said the offshore companies may be used to conceal ownership, transfer assets and maintain access to the global financial system; US sanctions generally also cover entities directly or indirectly owned at least 50% by sanctioned parties.
The article examines how US sanctions extend to offshore companies, nominee asset ownership and financial intermediaries, and explains the difficulties of tracing cross-border funds in conjunction with OFAC’s 50% rule.
Source:Cryptopolitan · cryptopolitan.com