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U.S. Sanctions Target North Korean Banks, Cybercrime Networks
(MENAFN) The United States expanded its sanctions roster on Tuesday to include several North Korean bankers and organizations, citing allegations of laundering proceeds from cybercrime activities.
"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 stated.
Among the targeted organizations were the IT firm Korea Mangyongdae Computer Technology Company and the financial institution Ryujong Credit Bank.
According to the statement, North Korea-affiliated cybercriminals have, over the past three years, illicitly acquired more than $3 billion using sophisticated methods such as advanced malware and social engineering, predominantly through cryptocurrency transactions.
“North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said John Hurley, Under Secretary of the Treasury for Terrorism and Financial Intelligence.
“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.
"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 stated.
Among the targeted organizations were the IT firm Korea Mangyongdae Computer Technology Company and the financial institution Ryujong Credit Bank.
According to the statement, North Korea-affiliated cybercriminals have, over the past three years, illicitly acquired more than $3 billion using sophisticated methods such as advanced malware and social engineering, predominantly through cryptocurrency transactions.
“North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said John Hurley, Under Secretary of the Treasury for Terrorism and Financial Intelligence.
“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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