OFAC Targets Prince Group’s Global Scam Network and Corporate Facilitators

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned 46 individuals and entities linked to transnational cybercrime networks, including the Prince Group Transnational Criminal Organization (TCO). The action targets four individuals and 41 entities supporting Prince Group’s operations, alongside Malaysian national Chui Kok Wa, who led a Madagascar-based scam network targeting American victims.

The latest designations build on OFAC’s actions in October 2025 and June 2026 against Prince Group leadership, affiliated companies and financial facilitators. The organization has generated billions of dollars through cyber-enabled fraud, including digital asset investment scams, romance scams and other online schemes. Many operations rely on scam compounds in Southeast Asia, where trafficked and coerced workers are forced to defraud victims.

OFAC’s latest action focuses on the corporate and financial infrastructure that has helped Prince Group maintain operations and evade previous sanctions. Designated individuals and entities allegedly provided corporate administration, financial services and offshore company management to senior executives. These networks used layered holding companies, nominee arrangements and concealed beneficial ownership to maintain control over assets while obscuring their connections to designated persons.

The designations include Qiu Yong, who allegedly controls multiple British Virgin Islands and Hong Kong companies on behalf of Prince Group. The network includes money-lending businesses, wine-related companies and offshore holding structures. OFAC also targeted Qiu’s associate Zhao Mengyao, along with individuals and companies connected to previously designated executive Chen Bo. Other designations cover entities linked to Prince Group associates in Singapore, Mauritius and Malaysia.

Separately, OFAC designated Chui Kok Wa for leading a Madagascar-based network that defrauded Americans of more than $400,000 equivalent, including through cryptocurrency-related schemes.

The action was coordinated with the FBI, Department of Justice and international partners, including authorities in the British Virgin Islands and United Kingdom.

Following the designations, all property and interests in property belonging to the designated persons within the United States or under U.S. persons’ control must be blocked and reported to OFAC. The restrictions also extend to entities owned 50% or more, directly or indirectly, by blocked persons.

For financial institutions, the action reinforces the importance of identifying beneficial ownership, connected entities and indirect relationships during sanctions screening. Reviewing only direct customer names may leave exposure to offshore structures and facilitators that help designated networks retain access to financial services.