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5mo ago

U.S. Sanctions UAE-Based Network Supporting North Korea's Weapons Programs

The Treasury Department targets two Chinese nationals and a UAE-based company for laundering millions to fund North Korea's WMD and missile development.

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North Korea, Kim Jong Un
hackers sanctions North Korea ofac United States treasury Tornado Cash
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Overview

  • The U.S. Treasury Department sanctioned two Chinese nationals, Lu Huaying and Zhang Jian, and UAE-based Green Alpine Trading, LLC for money laundering activities benefiting North Korea.
  • The sanctioned network funneled millions of dollars through cryptocurrency conversion services to support North Korea's weapons of mass destruction (WMD) and ballistic missile programs.
  • The operation was linked to Sim Hyon Sop, a previously sanctioned North Korean banking representative now based in China, who leads the laundering schemes.
  • Sanctions freeze any U.S.-based assets of the individuals and entity and bar Americans from conducting transactions with them, with penalties for those who do.
  • The U.S. emphasized its commitment to disrupting financial networks enabling North Korea’s destabilizing activities, in collaboration with the UAE and other international partners.