US Treasury Sanctions 8 North Koreans and 2 Banks for Laundering Crypto to Fund WMD Programs

According to the Office of Foreign Assets Control (OFAC), eight individuals and two entities linked to North Korea’s cybercrime and illicit IT operations were sanctioned for laundering millions of dollars in stolen cryptocurrency to fund Pyongyang’s weapons programmes. The designation targets First Credit Bank, Ryujong Credit Bank, and KMCTC, accused of facilitating international money laundering and sanctions evasion schemes.

Among the sanctioned operatives, Ho Yong Chol transferred over $2.5 million in US dollars and Chinese yuan on behalf of Korea Daesong Bank and managed transactions worth $85 million for a DPRK-affiliated group; Han Hong Gil handled over $630,000 in illicit transactions; Jong Sung Hyok is the chief representative of the DPRK Foreign Trade Bank in Vladivostok; Choe Chun Pom is a

DPRK Central Bank representative who assisted payments and travel for Russian officials; and Ri Jin Hyok moved over $350,000 in multi-currency transfers. The Treasury states that DPRK hackers have stolen over $3 billion in the past three years and that North Korean IT workers abroad conceal their nationality while generating substantial revenue for the regime.