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2h ago

U.S. Sanctions North Korean Bankers and Firms Over Crypto Laundering for Weapons Programs

Treasury names eight people plus two entities as conduits for ransomware, crypto heists, covert IT work that diverted more than $3 billion in three years.

FILE - The Treasury Building is viewed in Washington, May 4, 2021. (AP Photo/Patrick Semansky, File)
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This AFP photo shows the U.S. Department of the Treasury in Washington, D.C. (Yonhap)
U.s. sanctions north korean bankers, firms over crypto laundering tied to weapons funding

Overview

  • OFAC designated eight individuals and two entities it says laundered proceeds from cybercrime to fund Pyongyang’s weapons programs.
  • The list includes bankers Jang Kuk Chol and Ho Jong Son, accused of managing at least $5.3 million in crypto tied to previously sanctioned First Credit Bank and a DPRK ransomware actor.
  • Korea Mangyongdae Computer Technology Company and its president U Yong Su were cited for running IT worker delegations in China that used local proxies to disguise earnings.
  • Ryujong Credit Bank and five China- and Russia‑based representatives of North Korean financial institutions were designated for facilitating illicit transfers across borders.
  • The sanctions block U.S.-linked assets, bar U.S. persons from transacting with the designees, and aim to choke off revenue streams that officials say have topped $3 billion in recent years.