On November 5, 2026, the US Department of the Treasury announced sanctions against 46 individuals and entities connected to international scam networks. The restrictions targeted structures associated with the transnational criminal organization Prince Group, as well as the organizer of a separate scam network operating in Madagascar.
According to the US Treasury, the criminal groups used fraudulent cryptocurrency investment schemes, romance scams, and other forms of online deception. The illicit proceeds were laundered through international corporate networks, offshore structures, and digital asset transactions.
Who Was Targeted by the Sanctions?
The US Treasury's Office of Foreign Assets Control (OFAC) designated four individuals and 41 companies that supported Prince Group's operations.
US authorities had previously imposed restrictions on the organization's leaders and affiliated entities in October 2025 and June 2026.
According to the Treasury, the new sanctions target companies and intermediaries that helped conceal the true owners of assets, manage offshore entities, and circumvent previously imposed restrictions.
Separate sanctions were also imposed on Malaysian national Chui Kok Wa, who, according to OFAC, led a scam network operating in Madagascar. The agency linked the network to losses exceeding $400,000 suffered by US citizens.
How Did the Scam Networks Operate?
According to the US Treasury, participants in schemes associated with Prince Group used social engineering techniques to persuade victims to transfer money and cryptocurrency to accounts controlled by criminals.
The agency identified several major forms of fraudulent activity:
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Fake investment opportunities involving digital assets.
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Romance scams based on establishing relationships of trust with victims.
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Other forms of online financial fraud.
Some of these operations were conducted from specialized scam compounds in Southeast Asia. According to US authorities, people subjected to human trafficking and forced labor were also exploited in these facilities.
The criminal proceeds were subsequently routed through shell companies, offshore holding structures, and financial intermediaries, allowing the perpetrators to conceal the origin of funds and make financial transactions more difficult to trace.
What Are the Consequences of the Sanctions?
Under US sanctions regulations, property and interests in property belonging to designated persons that are located in the United States or under the control of US persons are blocked.
In addition, US persons are generally prohibited from conducting transactions involving sanctioned individuals and entities unless specifically authorized.
The restrictions also apply to companies that are owned, directly or indirectly, 50% or more in the aggregate by one or more blocked persons.
The US Treasury emphasized that the measures aim to dismantle not only the leadership of scam organizations but also the financial and corporate infrastructure that enables them to continue their criminal activities.
Source: US Department of the Treasury
