Washington– The United States on Tuesday imposed sanctions on a group of bankers, financial institutions and others accused Money laundering from cybercrime schemes – Money that the Treasury Department says helps pay North Korea Nuclear weapons programme.
The Treasury Department’s Office of Foreign Assets Control said that over the past three years, North Korea’s malware and social engineering schemes have transferred more than $3 billion, most of it in the form of digital assets, noting that the amount is unmatched by any other foreign entity. An international report documented the extent of the problem in A A 138-page report was published last month.
Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley said in a statement: “State-sponsored hackers in North Korea steal and launder money to fund the regime’s nuclear weapons program.”
The ministry said North Korea relies on a network of representatives of banks, financial institutions and shell companies in North Korea, China, Russia and elsewhere to launder money earned by defrauding IT workers, stealing cryptocurrencies and evading sanctions.
The department in 2022 warned US companies against hiring highly skilled North Koreans who hide their identities to access financial networks, often by posing as remote IT workers.
The new measures on Tuesday targeted eight people and two companies, including North Korean bankers Jang Kuk Chol and Ho Jong Son. They are accused of helping manage funds, including $5.3 million in cryptocurrencies, on behalf of the sanctioned First Credit Bank.