OFAC sanctions 45 Prince Group targets and a Madagascar scam network leader
The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned four individuals and 41 entities that support the Prince Group criminal network, plus a Malaysian man it says ran a network of Africa-based scammers.
On 5 November 2026, OFAC sanctioned four individuals and 41 entities that, according to Treasury, support the business network of the Prince Group Transnational Criminal Organization (TCO). The United States had already sanctioned the Prince Group for its role in cyber-enabled fraud, money laundering and human trafficking. Treasury said the action builds on earlier designations of 14 October 2025 and 23 June 2026. OFAC designated 45 targets under Executive Order 13581, which targets transnational criminal organizations, and one target under Executive Order 13694, which targets malicious cyber-enabled activity.
Treasury said Qiu Yong is a key Prince Group member who controls BVI and Hong Kong companies on the group's behalf, including companies involved in money lending, and that he has worked for a company controlled by the group's leader, Chen Zhi. OFAC designated 14 companies it says Qiu Yong owns, controls or acts through, including Premium Financial and Solar Scape Financial, and designated Zhao Mengyao for supporting him. OFAC also targeted two people it says hold property for, or co-direct companies with, Prince Group executive Chen Bo, who was designated on 23 June 2026. Treasury said Chen Bo transferred ownership of his Tokyo mansion to He Yujing after OFAC's October 2025 action, and that Cambodia-based Visal Pang controls eleven Cambodian companies, several co-directed with Chen Bo. Treasury also said Singapore-based Greenbay Multi Media Pte Ltd is wholly owned by Prince Group executive Thet Li, who was designated in October 2025.
Separately, OFAC designated Chui Kok Wa, who Treasury said led a network of scammers in Madagascar that targeted Americans, including by taking their digital assets. According to Treasury, the network defrauded numerous Americans of over $400,000 equivalent.
Treasury said the Prince Group has built a network of companies across several jurisdictions to conceal assets linked to its criminal enterprise, and that criminal proceeds are laundered through shell companies, offshore holding companies, financial facilitators and digital asset transactions. As a result of the action, all property and interests in property of the designated persons in the United States or held by US persons are blocked and must be reported to OFAC, and entities owned 50 percent or more by blocked persons are also blocked.
Why it matters to AML professionals
Sanctions on scam networks increasingly reach the ordinary-looking companies around them, such as money lenders, insurers and holding companies. AML professionals need to screen not only listed names but also entities owned 50 percent or more by them, and watch for assets moved to relatives or associates after a designation.
Red flags in this case
- A customer's ownership chain runs through BVI holding companies into a group of Hong Kong companies with similar names
- Property or company shares are transferred to a new owner shortly after a related person is sanctioned
- Repeated payments from elderly or vulnerable customers to digital asset platforms after contact with someone met online
- Companies in different countries share directors with a person or group already on a sanctions list
If this landed in your queue
- Screen the customer, its directors and its beneficial owners against the updated OFAC list, including the 50 percent ownership rule
- Map recent changes in ownership or control and check whether they followed a related designation
- Freeze and report any blocked property to OFAC as required, and escalate to sanctions compliance
- Consider whether a suspicious activity report is needed for activity linked to the network before the designation
Key terms
- Transnational criminal organization (TCO)
- A criminal group operating across borders that the US can sanction under Executive Order 13581.
- 50 percent rule
- OFAC treats any entity owned 50 percent or more, directly or indirectly, by blocked persons as blocked too, even if it is not named on the list.
- Blocking
- Freezing a sanctioned person's property so it cannot be moved, used or dealt with, and reporting it to OFAC.
Interview angle
A sanctioned person transfers a property to a family member soon after being listed. How would you assess the new owner?
Explain that the transfer may be an attempt to evade sanctions, describe checking for continued control or benefit by the listed person, and say you would escalate and consider blocking and reporting obligations.
Sources
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