North Korean Foreign Trade Bank Rep Charged for Role in Two Crypto Laundering Conspiracies
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North Korean Foreign Trade Bank Rep Charged for Role in Two Crypto Laundering Conspiracies
On April 24, the U.S. Department of Justice unsealed two federal indictments in the District of Columbia charging a North Korean Foreign Trade Bank (âFTBâ) representative for his role in money laundering conspiracies designed to generate revenue for North Korea through the use of cryptocurrency.Â
The first indictment charges Sim Hyon Sop (âSimâ), a North Korean national, with conspiring with three over-the-counter (âOTCâ) traders, Wu HuiHui (âWuâ), a Chinese national, Cheng Hung Man (âChengâ), a Hong Kong British National living in Hong Kong, and an unknown user of the online moniker âlive:jammychen0150" (âChenâ), to launder stolen cryptocurrency and use the funds to purchase goods through Hong Kong-based front companies for the benefit of North Korea. A concurrent sanctions action was taken by the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) Sim, Wu, and Cheng.
With …
On April 24, the U.S. Department of Justice unsealed two federal indictments in the District of Columbia charging a North Korean Foreign Trade Bank (âFTBâ) representative for his role in money laundering conspiracies designed to generate revenue for North Korea through the use of cryptocurrency.Â
The first indictment charges Sim Hyon Sop (âSimâ), a North Korean national, with conspiring with three over-the-counter (âOTCâ) traders, Wu HuiHui (âWuâ), a Chinese national, Cheng Hung Man (âChengâ), a Hong Kong British National living in Hong Kong, and an unknown user of the online moniker âlive:jammychen0150" (âChenâ), to launder stolen cryptocurrency and use the funds to purchase goods through Hong Kong-based front companies for the benefit of North Korea. A concurrent sanctions action was taken by the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) Sim, Wu, and Cheng.
With …