US Sanctions Companies and Individuals Linked to North Korea
Date: 2024-12-19 Author: Gabriel Deangelo Categories: IN WORLD
The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has imposed sanctions on two Chinese nationals and one company involved in a large-scale cryptocurrency laundering scheme. Lu Huaying and Zhang Jian operated Green Alpine Trading, a front for illegal operations, while based in the United Arab Emirates. The firm and its employees were sanctioned by the US.
According to OFAC, Lu and Zhang were carrying out tasks for Sim Hyung-seop, a representative of North Korea’s Kwangson Bank. The bank has long been sanctioned for funding North Korean military projects, including the development of weapons of mass destruction and ballistic missiles.
North Korea actively uses intermediaries and front companies to circumvent international restrictions. Their methods include IT fraud, digital asset theft, and money laundering. All of these actions are aimed at supporting its military programs, as has been repeatedly stated by representatives of the US Treasury Department.
The investigation was conducted in cooperation with the US and the UAE, which allowed the criminal network to be identified. As a result of the sanctions, all assets of Lu, Zhang, and Green Alpine Trading in the US were frozen. OFAC also reminded that any financial transactions between US citizens or companies and individuals under sanctions are prohibited.
This step confirms the US's firm position in the fight against illegal activities that support North Korea's military ambitions.
