Overview:
The United States Treasury has sanctioned Rose Wang, a Chinese businesswoman and hotel owner in Palau, for allegedly aiding a major international fraud network. Wang, linked to the Cambodia-based Prince Group, is accused of facilitating operations tied to cryptocurrency scam syndicates in Southeast Asia. The sanctions freeze her U.S.-connected assets and bar American entities from doing business with her or her companies in Palau.
By: Bernadette Carreon
The U.S. Treasury last week sanctioned Rose Wang, a Chinese businesswoman and hotel owner in Palau, for allegedly helping a criminal fraud operation in the Pacific island nation.
Wang was sanctioned as part of a major U.S. and U.K. crackdown on “pig butchering” scams—online fraud schemes where victims are tricked into making growing cryptocurrency investments. These operations are largely run by Chinese organized crime groups from compounds in Southeast Asia.
According to the Treasury Department, Wang facilitated operations for the Cambodia-based Prince Group in Palau. She helped the group and a Palau-based company called Grand Legend obtain a lease for a resort project on Ngerbelas Island and handled local administrative affairs.
“Rose Wang is a Palau-based hotel owner and transnational organized crime facilitator who has helped Prince Group TCO establish commercial interests in Palau. Rose Wang handled local administrative affairs for Grand Legend and helped the company obtain the lease for Ngerbelas Island,” the US Treasury statement announcing the sanction stated.
It also described Wang as the vice-president of Palau’s Overseas Chinese Federation, “which may conduct unofficial diplomacy for China.”
It also said that in 2018, Rose Wang introduced the notorious criminal boss Wan Kuok Koi (a.k.a. Broken Tooth), who was attempting to set up casinos in Palau, to the then-President of Palau.
The Prince Group was designated a transnational criminal organization, and its CEO faces federal charges for wire fraud and money laundering conspiracy.
As a result of the sanction, all Wang’s property and assets in the United States or controlled by U.S. persons are now blocked and must be reported to the Office of Foreign Assets Control (OFAC).
Any company that is 50 percent or more owned by Wang is also blocked, and U.S. persons and entities are generally prohibited from conducting any transactions involving Wang or her property. Her two Palau companies, Jing Pin Inc. and Aqua Pure Water Inc., are also subject to these restrictions
These measures effectively cut Wang off from the U.S. financial system and prevent Americans from doing business with her.
She was placed on Palau’s “undesirable aliens” list in 2022, removed in January 2023, and reinstated on the list on October 15 following the U.S. sanctions.
It is not known whether Wang has been asked to leave Palau.