U.S. Slaps Sanctions on N. Korean Financial Entities, Bankers
(MENAFN) The United States expanded its sanctions on North Korean financial entities and bankers on Tuesday, accusing them of laundering funds linked to cybercrime operations.
"Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight individuals and two entities for their role in laundering funds derived from a variety of illicit Democratic People’s Republic of Korea (DPRK) schemes, including cybercrime and information technology (IT) worker fraud," the agency said in a statement.
Among the targets were the IT firm Korea Mangyongdae Computer Technology Company and the financial institution Ryujong Credit Bank.
The Treasury noted that over the past three years, cybercriminals connected to North Korea have stolen more than $3 billion using advanced malware, social engineering, and other sophisticated techniques, with most transactions occurring via cryptocurrency.
“North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John Hurley.
“By generating revenue for Pyongyang’s weapons development, these actors directly threaten U.S. and global security. Treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the DPRK’s illicit revenue streams," Hurley added.
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