The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) said it is taking action against individuals and entities involved in this operation to dismantle North Korea's digital asset money laundering network.
OFAC said in a statement, say Sanctions Chinese nationals Lu Huaying and Zhang Jian who worked in a network that used front companies in the United Arab Emirates (UAE) to illegally launder money and exchange crypto funds to North Korea. .
According to OFAC, the Hermit Kingdom uses agents and proxies to access the international financial system and engage in illegal revenue-generating schemes such as performing fraudulent IT tasks and stealing digital assets.
The agency said the representatives set up shell companies and bank accounts to move and disguise funds used to fund North Korea's illegal weapons of mass destruction (WMD) and ballistic missile programs. It is said that it manages
said Bradley T. Smith, Acting Assistant Secretary of the Treasury for Terrorism and Financial Intelligence.
“As North Korea continues to utilize complex criminal schemes, including through the misuse of digital assets, to fund its weapons of mass destruction and ballistic missile programs, the Treasury Department is disrupting the networks that facilitate the flow of funds to the regime. We remain focused on doing so.”
According to OFAC, Lu was authorized by OFAC to convert virtual currency from North Korean revenue-generating projects into fiat currency on behalf of Shim Hyun-seop, who leads the laundering network.
Mr. Zhang facilitated the exchange of fiat currencies and acted as a courier for the sims.
OFAC also sanctioned Green Alpine Trading, a United Arab Emirates-based shell company used in the laundering network.
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