Company Sanctioned by US Department for Alleged Involvement in Cryptocurrency Money Laundering Scheme

UAE Company Caught in Crypto Laundering Scheme Supporting North Korea’s WMDs

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has recently imposed sanctions against two individuals and an associated company linked to North Korea’s cryptocurrency money laundering for weapons of mass destruction (WMD) and missile financing.

In a recent announcement, it was revealed that Lu Huaying and Zhang Jian, along with their UAE-based company Green Alpine Trading, LLC, had been involved in a complex cryptocurrency money laundering operation. This scheme allegedly channeled millions of dollars to support North Korea’s WMD and ballistic missile programs.

According to reports, the duo worked closely with Sim Hyon Sop, the board of directors for North Korea’s Korea Kwangson Banking Corp (KKBC). The operation involved using cryptocurrency received from illegal sources by North Korean IT personnel and cybercriminals. The funds were then transferred to support military-related resources in North Korea.

This latest development highlights Pyongyang’s increasing use of cryptocurrency as a means to circumvent international sanctions. The sanctions imposed are meant to restrict all American-associated property held by the named individuals and companies, effectively cutting them off from conducting business with US entities.

The OFAC statement emphasizes the importance of global cooperation in combating illicit finance. This move serves as a warning to other countries to remain vigilant in monitoring their financial systems for any suspicious transactions that may be linked to North Korea’s nefarious activities.

North Korea’s growing reliance on cryptocurrency is a matter of concern, and it is crucial for governments around the world to work together to prevent the misuse of digital assets.

Source: coinpedia.org