US sanctions 4 people and 41 entities tied to Prince Group's corporate network
In brief
- OFAC designated four individuals and 41 entities on November 5, 2026.
- Prince Group got help from the network to conceal beneficial ownership and keep businesses running, Treasury says.
- Prince Group affiliates are linked by OFAC to digital asset investment scams and romance scams.
- Earlier Prince Group sanctions came in October 2025 and June 2026.
- OFAC's 50 Percent Rule also blocks entities majority-owned by blocked persons.
Who Treasury named
The four individuals are Qiu Yong, Zhao Mengyao, He Yujing and Visal Pang, according to the OFAC designation record. Treasury says one ownership chain runs from Qiu through Sun Speed Holdings Limited (registered in the British Virgin Islands) to Hong Kong money lender Premium Financial Limited, and that he ultimately owns the lender and controls other BVI and Hong Kong companies on Prince Group's behalf. Zhao, per Treasury, served as Qiu's personal assistant and as secretary and co-director of several Hong Kong companies he controlled.
He Yujing is the wife of Prince Group executive Chen Bo. Treasury says Chen transferred ownership of a Tokyo mansion to her after the October 2025 sanctions action. Pang, it says, controls 11 Cambodian companies, several co-directed with Chen (who was himself designated by the US on June 23, 2026).
The November action also named companies linked to two previously sanctioned Prince Group executives, Dai An and Thet Li. Treasury says Singapore-based Greenbay Multi Media is wholly owned by Thet Li.
The scam allegations
OFAC linked Prince Group affiliates to digital asset investment scams, romance scams and other online fraud, and said many of those operations relied on trafficked and coerced workers in Southeast Asian compounds. It isn't the first round, either. Previous Prince Group sanctions came on October 14, 2025 and June 23, 2026.
This time, Treasury's target is the corporate scaffolding around the group.
How the blocking works
Under OFAC's general rules, designated persons' property and interests in property in the US, or in US persons' possession or control, are blocked and have to be reported to OFAC. The standing 50 Percent Rule extends that to entities owned 50% or more (directly or indirectly, individually or in aggregate) by one or more blocked persons. That's how the restrictions reach companies that aren't named on the list.
Unless an OFAC general or specific license authorizes it, or an exemption applies, transactions involving designated or blocked property are generally prohibited for US persons or within (or transiting) the US. Treasury says violations can bring civil or criminal penalties, and civil penalties can apply on a strict liability basis. OFAC's guidance calls for counterparties to run ownership due diligence on entities involved in transactions and account relationships.
Frequently asked questions
What does OFAC's 50 Percent Rule mean for companies tied to Prince Group?
Under OFAC's standing ownership rule, entities owned 50% or more, directly or indirectly and individually or in aggregate, by one or more blocked persons are also blocked. That means the restrictions can reach companies that aren't named in the November 5, 2026 designations.
What is Prince Group accused of by the US Treasury?
OFAC has designated Prince Group a transnational criminal organization. It links the group's affiliates to digital asset investment scams, romance scams and other online fraud, and says many operations relied on trafficked and coerced workers in Southeast Asian compounds.
What happens to assets belonging to the newly sanctioned people and companies?
Their property and interests in property in the US, or in US persons' possession or control, are blocked and must be reported to OFAC. Without an OFAC license or applicable exemption, transactions involving that property are generally prohibited for US persons, and Treasury says violations can bring civil or criminal penalties.
