Washington: Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Transnational Criminal Organization (TCO) Xinbi Guarantee. This Chinese-language platform, extensively used by Chinese cybercriminals, operates a large illicit online marketplace that supports cyber scams, fraud, money laundering, and other criminal activities targeting Americans. In coordination with this action, the Department of Justice's Scam Center Strike Force (SCSF) seized infrastructure and digital asset wallets linked to Xinbi Guarantee. According to U.S. Department of the Treasury, scam centers in Southeast Asia siphon billions of dollars from American victims annually. Secretary of the Treasury Scott Bessent emphasized the Trump Administration's commitment to dismantling overseas criminal enterprises, with a focus on protecting Americans from fraud. The Treasury is employing every tool, as outlined in President Trump's Executive Order 14390, to combat foreign-backed criminal networks exp loiting Americans through cybercrime. OFAC's current action builds on previous efforts, including designations of other transnational criminal organizations such as the Prince Group TCO. The action also highlights ongoing collaboration between the United States and the United Kingdom, complementing the UK's Foreign, Commonwealth, and Development Office sanctions against Xinbi. OFAC's measures are part of a broader strategy under E.O. 13581 and its amendment, targeting transnational criminal organizations and their financial networks. Xinbi Guarantee operates as a central hub connecting criminal syndicates with merchants providing financial services and technology to support their operations. The platform has facilitated over $24 billion in transactions since 2022, primarily in Southeast Asia. Following heightened scrutiny, Xinbi Guarantee shifted its operations to SafeW, an encrypted messaging application developed by SafeW Technology Co., Ltd., and launched XinbiPay, a digital wallet application by Anwen T echnology Co., Ltd. OFAC's sanctions block all property and interests in property of designated individuals in the U.S. and prohibit transactions involving blocked persons. Violations of U.S. sanctions may result in civil or criminal penalties, with strict liability for sanctions violations. The enforcement of these sanctions aims to bring about positive behavioral changes, as OFAC reserves the right to remove individuals from its sanctions list under certain circumstances.
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