OFAC Sanctions 45 Targets in Third Round Against Prince Group

The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned 45 targets on November 5, 2026, in its third enforcement round against the Cambodia-based Prince Group, which Washington treats as a transnational criminal organization. The designations cover four individuals and 41 entities across six jurisdictions, and Treasury says the action aims to disrupt money laundering networks behind the group's alleged crypto fraud and cut off their access to the financial system.

The scale is cumulative rather than isolated. Earlier tranches arrived in October 2025 and June 2026, and the roster of designated Prince Group-affiliated actors has grown with each round. Treasury has now sanctioned the network three times in roughly fourteen months, though the department has not stated whether further designations are planned.

Who was designated?

The four individuals named are Qiu Yong, Zhao Mengyao, He Yujing and Visal Pang. They join prior Prince Group designees on the OFAC list, which blocks their US assets and bars Americans from transacting with them.

The 41 entities are corporate vehicles registered across:

• the British Virgin Islands
• Hong Kong
• Cambodia
• Singapore
• Mauritius
• Malaysia

Treasury described the goal plainly: disrupt the laundering networks behind the scams and block their access to the financial system. Whether the corporate shells can be reconstituted under new names is a question the designation itself cannot answer.

What does Treasury allege Prince Group did?

Treasury accuses Prince Group of generating billions of dollars in illicit funds through cyber-enabled fraud, including digital asset investment scams and romance scams. The schemes allegedly generate victim losses on one end and coerced labor on the other.

According to Treasury, the operations often run out of compounds in Southeast Asia that have been implicated in human trafficking. That detail matters because it frames the harm in two directions: victims lose savings to fake investment platforms or fabricated relationships, while people allegedly forced to work inside the compounds operate the scams themselves. Treasury offered no estimate of how many people are held in these facilities.

What is the Madagascar NFT case?

OFAC separately designated Chui Kok Wa, a Malaysian national who allegedly led a scam network based in Madagascar that defrauded Americans of more than $400,000 in digital assets. The alleged method was fake NFT investment fraud: victims were pitched digital collectibles that served as a vehicle for draining their wallets.

Related Department of Justice charges reference approximately $516,695 stolen from 74 crypto wallets belonging to roughly 800 victims. That averages out to under $700 per victim, and the discrepancy between the DOJ figure and Treasury's "more than $400,000" reflects two agencies describing the same conduct through different accounting lenses. Neither agency has published a full victim restitution schedule.

What does this mean for compliance teams?

The most direct commercial impact falls on compliance functions at exchanges, custodians and payment firms, which now have 45 additional names plus Chui Kok Wa to screen. Firms touching flows connected to Hong Kong, Singapore, Malaysia or offshore centers such as the British Virgin Islands and Mauritius face the heaviest screening burden.

The NFT angle carries its own lesson. Scammers follow whatever asset class is popular or poorly understood, and fake collectibles remain an easy pitch to buyers who cannot verify any specific offer.

Sanctions exposure for firms that miss these names is immediate, but Treasury has not announced a deadline for the next designation round. Compliance teams should expect the Prince Group file to keep growing.