Washington Sanctions 41 Entities and Four Individuals Linked to Prince Group Network

Key Facts

The U.S. Treasury Department announced on November 5 sanctions on four individuals and 41 entities it said support the Prince Group network, targeting the corporate structure Washington says helped the network continue operating. The Office of Foreign Assets Control designated 45 targets under the executive order on transnational criminal organizations and one additional target under an executive order targeting malicious cyber activity. Treasury linked the network to cyber fraud, money laundering and human trafficking, and said related activities generated billions of dollars in illicit proceeds. It said these activities include digital asset investment fraud, romance scams and other forms of online fraud. The announcement follows earlier U.S. sanctions on the network, with the department saying the newly targeted parties helped sustain its operations.

The latest action focused on companies and agents Treasury said enabled Prince Group’s leadership to manage the effects of earlier sanctions. The department said targeted parties managed offshore corporate structures, concealed beneficial ownership and provided administrative and financial services after the October 2025 and June 2026 rounds of sanctions. According to Treasury, these arrangements enabled assets to be hidden, U.S. restrictions to be evaded and access to the international financial system to be maintained. Treasury Secretary Scott Bessent said, "Cyber scam networks continue to steal billions of dollars from American victims." The department added that the networks use international business relationships to launder illicit proceeds. These rationales show that the announcement targets, in the U.S. account, the intermediaries and structures that supported continued activity after earlier designations.

The company list, according to the announcement, includes entities in more than one jurisdiction, including Hong Kong-based lending companies linked to structures registered in the British Virgin Islands. Treasury said Premium Financial Limited and Solar Scape Financial Limited operate in financial lending. The department linked the companies to Qiu Yong, who it said holds passports from Cambodia, Saint Lucia and Turkey. It also cited companies linked to him in the wine sector, as it described the network of commercial interests surrounding the group. In Cambodia, Treasury said Visal Pang controls 11 companies operating in sectors including construction, logistics, entertainment, real estate, duty-free trade and hotels. These examples illustrate the breadth of commercial activity that authorities say provided cover or support for the network.

The announcement also addressed financial relationships and property linked to individuals in the network. Treasury said He Yujing and Visal Pang were targeted for holding property on behalf of Chen Bo or participating in the management of companies with him. It added that Chen Bo transferred ownership of his Tokyo mansion to He Yujing after the October 2025 action. The episode forms part of what the department described as attempts to conceal assets or rearrange their ownership following earlier sanctions. The Record quoted Treasury officials as saying the new measures came after individuals linked to the group tried to circumvent the two previous rounds of sanctions. That account did not constitute a judicial finding on the allegations, but set out the authorities’ rationale for the administrative action.

Treasury separated another action from the sanctions related to Prince Group, designating Malaysian individual Chui Kok Wa over his management, according to the department, of a scam network operating from Madagascar that targeted Americans. It said the network defrauded American victims of digital assets with an equivalent value of more than $400,000. That amount concerns allegations about the Madagascar network, not the 41 entities linked to Prince Group. The department described some broader scam operations as linked to compounds in Southeast Asia that rely on trafficked or coerced workers. This addition shows that the announcement combined action against the group’s corporate structure with a separate measure against another scam network.

The designations impose direct financial restrictions on the named individuals and entities. According to Treasury, property and interests in property in the United States, or in the possession or control of U.S. persons, are blocked. The restrictions also cover any entity owned 50% or more by a blocked party, directly or indirectly, individually or together with other blocked parties. The department said the action was coordinated with FBI field offices in New York and Honolulu, the Justice Department’s Scam Center Strike Force and the U.S. Attorney’s Office in Alaska. In Cambodia, authorities said real estate assets, casinos and buildings valued at about $1 billion had been frozen through November 6, amid international pressure to combat scam networks. This regional context gives a picture of the breadth of accompanying measures, while the scope of the U.S. blocking restrictions remains defined by the ownership and control rules Treasury announced.