New sanctions to crackdown on large-scale fraud

The Isle of Man has brought in new sanctions as part of an international crackdown on a criminal network linked to large-scale online fraud and human trafficking, the government has said.

The Treasury said measures were in line with the UK and formed part of a wider operation involving the US and other international agencies.

It said the sanctions aimed to target individuals and organisations linked to purpose-built "scam compounds" in south east Asia, where trafficked people were forced to carry out online fraud.

Home Affairs Minister Jane Poole-Wilson said: "Working with our international partners is essential in tackling serious criminal groups."

She said: "These sanctions help to stop illicit money flowing through global financial systems and send a clear message that this activity will not be tolerated.

"The Isle of Man will continue to play its part in protecting people from exploitation and fraud."

Authorities said the compounds have been used to run large-scale online scams, often targeting victims with fake investment or relationship schemes.

And the people carrying out the fraud were often trafficked foreign nationals forced to work under threat or abuse, it said.

Last year the Isle of Man, UK and US imposed sanctions on the Prince Group and its chairman Chen Zhi, who authorities said were responsible for a network of scam centres using coerced or forced labour to carry out fraudulent activity.

Investigations linked to those sanctions led to assets worth more than £1bn being frozen or seized and several arrests, the Treasury explained.

It said the sanctions were designed to block access to assets, restrict the movement of illicit funds and prevent those involved from using international financial systems to support their activities.

These measures would "significantly limit the ability of those involved to use international financial structures to further their criminal enterprises", it added.

And the moves come after "months of joint operational work and intelligence sharing" to identify additional facilities and networks connected to the operation.

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