Overview
The U.S. Treasury Department has sanctioned four people and 41 companies linked to the Prince Group, a Cambodian conglomerate accused of running a billion-dollar scam operation. It is the third round of U.S. sanctions against the group.
Separately, Treasury sanctioned Chui Kok Wa, a Malaysian national accused of leading a scam compound in Madagascar.
Individuals Named
- Qiu Yong: a senior Prince Group official who ran shell companies in the British Virgin Islands and Hong Kong and helped launder funds.
- Zhao Mengyao: Qiu's assistant, with ties to several previously sanctioned officials.
- He Yujing and Visal Pang: Cambodian nationals accused of holding property for sanctioned official Chen Bo.
Background
The Prince Group allegedly ran hundreds of compounds in Cambodia where workers and trafficking victims were forced into online scams that stole billions of dollars from people in the U.S., Europe and China. It had deep ties to the Cambodian government until international pressure led to raids on the compounds. CEO Chen Zhi was arrested and extradited to China, and the group has largely shut down operations since.
The U.S. previously seized more than $15 billion in cryptocurrency from the company and Chen Zhi. Treasury says Prince Group figures tried to evade the earlier sanctions by moving funds to shell companies, relatives and assistants, which prompted the latest designations.
Why It Matters
- Sanctions designations can block assets and bar U.S. persons and, in practice, many financial institutions from dealing with the named entities.
- The action shows enforcement targeting the laundering and asset-holding layer, not just the operators of the compounds.
- Organizations in finance, crypto and corporate services should refresh sanctions screening lists and review counterparties for links to the newly designated entities.