UK amends Prince Group insolvency licence after recent Cambodia sanctions

LONDON, June 24, 2026 — The UK Office of Financial Sanctions Implementation has amended General Licence INT/2026/9491628, which covers insolvency-related payments and activities connected to the Prince Group and its subsidiaries under the Global Human Rights Sanctions Regulations 2020. The amendment broadens the definition of permitted insolvency activities to include payments and other actions linked to insolvency proceedings both before and after those proceedings begin, provided they are carried out at the direction of, or with the consent of, an insolvency practitioner.

The notice says the revised definition now permits such activity so long as no funds or economic resources are made available, directly or indirectly, to any designated person other than a Prince Group designated person or subsidiary. OFSI also said related changes were made to remove references to “any DP” from the permissions, notification and record-keeping provisions. The licence takes effect from April 14, 2026, and expires at 11:59 p.m. on April 13, 2031.

The licence applies to Prince Group Global Group Ltd, its chairman Chen Zhi and a list of associated entities and individuals named under the UK’s global human rights sanctions regime. Relevant UK financial institutions may process payments made in accordance with the licence, subject to the conditions set out by OFSI.

The move follows broader UK sanctions action against the Prince Group network. The British government has said Prince Group was involved in operating scam centers in Cambodia and linked the network to serious abuses including cruel, inhuman or degrading treatment and forced labor. In March, London and Washington announced joint action targeting what they described as a major online fraud network tied to scam compounds based in Cambodia.