OFAC designates 35 Prince Group TCO-linked persons
U.S. persons must block and report property of the 35 designated Prince Group TCO persons and cannot transact with them
Change
On 23 June 2026, the Office of Foreign Assets Control (OFAC) designated nine individuals and 26 entities linked to the Prince Group Transnational Criminal Organization pursuant to E.O. 13581 as amended, blocking all their property and interests in property in the United States or in the possession or control of U.S. persons.
Why it matters
Designated persons' US-located property and any property in the possession or control of U.S. persons is blocked and must be reported to OFAC, and transactions with them are prohibited unless OFAC licenses them. Entities owned 50% or more, directly or indirectly, by one or more blocked persons are blocked even where not separately listed — extending exposure across the network built around Hu Xiaowei and his subordinate Kong Ka On. One designated entity, Future Wing Financial Company Limited, is assessed to have received millions of dollars derived from cryptocurrency investment-scam victims, placing virtual-asset flows within the blocking. Violations carry civil penalties on a strict-liability basis, with secondary exposure for non-U.S. persons.
Implications
- — Bank sanctions-screening teams must add the 35 designated parties to filters before the next funds-transfer cycle — including financial institutions CCU Commercial Bank Plc, China Reserve Securities Limited and Future Wing Financial Company Limited — and block and report any matched property; processing a payment involving a listed party is a strict-liability blocking violation.
- — Sanctions compliance teams must apply the 'owned or controlled by' links and the 50% rule, treating Hu Xiaowei and Kong Ka On as network hubs and Chen Bo as owner of CCU Commercial Bank, so entities owned 50%+ by blocked persons are blocked even where not separately listed — screening only the named parties leaves owned vehicles unblocked.
- — Virtual-asset service provider compliance teams must screen for and block wallets and transfers tied to the designated persons and Hu-controlled entities — notably Future Wing Financial Company Limited, assessed to have received crypto investment-scam proceeds — and report blocked property to OFAC.
- — Screening teams with UK exposure must capture the eleven UK-registered companies controlled by Kong Ka On (including Charco Charco Holborn, Cuban Trading UK, Halo Network Technology, Luffa Technology Network and Rocket Sandbox), as the network extends beyond Cambodia into UK and offshore corporate registries.
Who is affected
- — Bank sanctions-screening teams at financial institutions
- — Sanctions compliance teams at banks and payment processors
- — Virtual-asset service provider compliance teams
- — Screening teams handling UK and offshore corporate counterparties