US Treasury Sanctions DPRK Bankers and Front Companies Laundering Proceeds from Cybercrime and IT Worker Operations
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US Treasury Sanctions DPRK Bankers and Front Companies Laundering Proceeds from Cybercrime and IT Worker Operations
The US Department of the Treasury today announced sanctions targeting key figures and institutions within North Korea’s global financial network for their role in laundering funds derived from illicit schemes, including cybercrime and IT worker fraud. These activities directly finance the regime’s weapons of mass destruction and ballistic missile programs. The designations, issued by the Office of Foreign Assets Control (OFAC), focus on representatives of sanctioned North Korean financial institutions operating abroad, as well as a North Korea-based IT company managing IT worker delegations and a domestic financial institution facilitating sanctions evasion between China and North Korea.
Among the newly designated individuals are Jang Kuk Chol (Jang) and Ho Jong Son — North Korean bankers who, according to Treasury, helped manage funds, including approximately USD 5.3 million in cryptocurrency, on behalf of the OFAC-designated First Credit …
The US Department of the Treasury today announced sanctions targeting key figures and institutions within North Korea’s global financial network for their role in laundering funds derived from illicit schemes, including cybercrime and IT worker fraud. These activities directly finance the regime’s weapons of mass destruction and ballistic missile programs. The designations, issued by the Office of Foreign Assets Control (OFAC), focus on representatives of sanctioned North Korean financial institutions operating abroad, as well as a North Korea-based IT company managing IT worker delegations and a domestic financial institution facilitating sanctions evasion between China and North Korea.
Among the newly designated individuals are Jang Kuk Chol (Jang) and Ho Jong Son — North Korean bankers who, according to Treasury, helped manage funds, including approximately USD 5.3 million in cryptocurrency, on behalf of the OFAC-designated First Credit …