The U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on November 5, 2026 against four individuals and 41 entities accused of sustaining the Prince Group’s business network after earlier sanctions.
Scope of the designations
OFAC stated that the network helped Prince Group, which it has labeled a transnational criminal organization, manage offshore structures, conceal beneficial ownership, and continue commercial activities. The sanctions trigger U.S. blocking and reporting requirements for covered assets, including entities owned 50% or more—directly or indirectly—by any designated person.
Individuals sanctioned
- Qiu Yong – linked to Sun Speed Holdings Limited (BVI) and Hong Kong lender Premium Financial Limited.
- Zhao Mengyao – personal assistant to Qiu and secretary/co‑director of several Hong Kong companies.
- He Yujing – wife of Prince Group executive Chen Bo, transferred ownership of a Tokyo mansion after earlier sanctions.
- Visal Pang – controls 11 Cambodian companies, some co‑directed with Chen Bo.
Companies targeted
The designations include firms tied to previously sanctioned Prince Group executives Dai An and Thet Li. Singapore‑based Greenbay Multi Media is identified as wholly owned by Thet Li.
Regulatory implications
Designated property located in the United States or under the control of U.S. persons is blocked and must be reported to OFAC. Transactions involving blocked property are prohibited for U.S. persons unless authorized by a specific or general OFAC license or an applicable exemption. Violations may result in civil or criminal penalties.
Compliance guidance
OFAC advises counterparties to conduct ownership due diligence on entities involved in transactions and account relationships to assess exposure to the sanctions.
