Cambodia Investment Review
The United States sanctioned four individuals and 41 entities linked to Cambodia-based Prince Group on November 5, widening a crackdown on the corporate network that U.S. authorities say helped the group conceal assets and retain access to international finance. The latest round reaches businesses in insurance, aviation, property and lending.
The U.S. Treasury Department’s Office of Foreign Assets Control, or OFAC, said the measures build on sanctions imposed in October 2025 and June 2026. Treasury alleges that Prince Group affiliates generated billions of dollars through online fraud, including cryptocurrency investment and romance scams. It linked many of those operations to Southeast Asian compounds where trafficked and coerced workers were forced to carry out scams.
Sanctions Reach Cambodian Insurer and Airline
The four individuals newly designated in connection with Prince Group are Qiu Yong, Zhao Mengyao, He Yujing and Visal Pang. Treasury said Qiu controlled companies in Hong Kong and the British Virgin Islands on behalf of the network, while Zhao held roles at several Hong Kong companies he controlled.
In Cambodia, the designations include CB General Insurance PLC and Prince International Airlines Co., Ltd., which Treasury said are controlled by previously sanctioned Prince Group executive Chen Bo. Treasury said Visal Pang controls 11 Cambodian companies, several of which he co-directs with Chen Bo. It also said Chen Bo transferred ownership of a Tokyo mansion to his wife, He Yujing, after the initial October 2025 sanctions.
What the Sanctions Mean for Transactions
The designations block assets and other property interests in the United States or in the possession or control of U.S. persons. Transactions involving blocked property are generally prohibited when conducted by U.S. persons or within or through the United States, subject to licenses and exemptions. The restrictions also extend to entities that one or more blocked persons collectively own, directly or indirectly, by 50% or more.
Separate Sanctions Target Madagascar-Based Network
OFAC separately sanctioned Malaysian national Chui Kok Wa, whom Treasury accused of running a Madagascar-based scam network that defrauded U.S. victims of more than US$400,000. The State Department said a U.S. federal charge of conspiracy to commit wire fraud against Chui was unsealed on October 27.
Read the full list of sanctioned individuals and entities on the U.S. Treasury’s OFAC website.
