US imposes North Korea-related sanctions for money laundering

The US Treasury Department on Tuesday sanctioned eight individuals and two entities who it said were involved in a variety of North Korean cyber-related money-laundering schemes.

The Treasury said the move was aimed at cutting off funding for North Korea’s weapons programmes.

“By generating revenue for Pyongyang’s weapons development, these actors directly threaten US and global security,” John Hurley, Treasury’s undersecretary for terrorism and financial intelligence, said in a statement.

“Treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the [Democratic People’s Republic of Korea] DPRK’s illicit revenue streams,” Hurley said.

The Treasury said North Korean bankers Jang Kuk-chol and Ho Jong-son helped manage funds on behalf of a designated entity, a portion of which could be linked to a ransomware actor that has previously targeted US victims.

The Treasury said it designated North Korea-based Korea Mangyongdae Computer Technology Company for using Chinese nationals as banking proxies in a bid to obfuscate the origin of funds. It also sanctioned the company’s president, U Yong-su.