Story perspectives

Singapore seizes S$600m assets from Prince Group money-launderers

6/24/2026

Summary

Singapore Police Probe

Singapore police probe suspects Hu Xiaowei and Qiu Wei Ren for money-laundering linked to Prince Group.
Hu Xiaowei holds Cyprus, Saint Kitts and Nevis and Hong Kong passports.
Qiu Wei Ren holds Cambodia and Saint Kitts and Nevis passports.
Foreign Assets Control (OFAC) sanctioned the suspects in October 2025 and added Future Oasis, a Singapore firm, in June 2024.
Since March 2026, authorities have seized assets worth S$600 million, three properties, a yacht and luxury cars.

Summary

OFAC Sanctions

The Prince Group-linked firm launched with $2 million and a five-director board holding Cambodian, Chinese, Cypriot and Malaysian citizenships.
OFAC sanctioned over 146 entities in October 2025 across Cambodia, Taiwan, Hong Kong, Palau, Laos, the British Virgin Islands and the Cayman Islands, crackdown beyond two Singaporean suspects.
The sanctions named three Singaporeans and 17 Singapore-registered entities, barring U.S. persons from transactions with them and requiring the blocking of property they own or control.

Summary

Police Detain

Police detained Tan Yew Kiat, 49; Nigel Tang Wan Bao Nabil, 32; Alan Yeo Sin Huat, 53, Mar, Prince Group money-laundering.
Dai Dewen, renamed Dai An after 2017 Cambodian citizenship, holds $2 million shares, co-owns Leedon Heights apartment.
Brendon Luo of Infinite Deemarco oversees liquidation of firm $5.7 million.
Chen Zhi and Huione Group Li Xiong arrested Phnom Penh Jan-Apr, extradited Beijing.
A warrant was issued for Karen Chen Xiuling, 43, hiding Cambodia.

History

Historical Context

After the September 11 attacks, Congress enacted the USA PATRIOT Act in 2001; Title III, passed 412-1, expanded anti-money-laundering rules and gave Treasury authority to block risky bank mergers and target shell banks. Those powers now back Singapore Police Force’s 2024 probe of Prince Group affiliates using Cyprus, Cambodian and Saint Kitts passports.

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Singapore Police Probe

Singapore police probe suspects Hu Xiaowei and Qiu Wei Ren for money-laundering linked to Prince Group.
Hu Xiaowei holds Cyprus, Saint Kitts and Nevis and Hong Kong passports.
Qiu Wei Ren holds Cambodia and Saint Kitts and Nevis passports.
Foreign Assets Control (OFAC) sanctioned the suspects in October 2025 and added Future Oasis, a Singapore firm, in June 2024.
Since March 2026, authorities have seized assets worth S$600 million, three properties, a yacht and luxury cars.

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