The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has cooperated with the UAE government to sanction those facilitating North Korean cryptocurrency money laundering. OFAC has punished two people, Lu Huaying and Zhang Jian, along with UAE-based Green Alpine Trading for their roles in cryptocurrency conversion and laundering funds sent to the DPRK (Democratic People’s Republic of Korea).
In a statement, Acting Treasury Under Secretary for Terrorism and Financial Intelligence, Bradley T. Smith, said “As DPRK continues to utilize complex criminal strategies to finance its WMD [Weapons of Mass Destruction] and ballistic missile programmes by exploiting digital assets, Treasury stays focused on disrupting these networks funnelling resources to the regime.” OFAC reveals that Lu has been using cryptocurrencies for fiat purchases and service procurements for the DPRK or proxies of the regime.
He’s active between early 2022 to September 2023 according to the U.S. Treasury Department. Zhang allegedly is involved in currency operations possibly also acting as a courier for Sim Hyon Sop. Sim has been sanctioned before and the US Justice Department has unveiled indictments against him in April 2023.
Both Sim Hyon Sop and UAE-based Green Alpine Trading were accused of conducting money laundering operations with North Korea. Green Alpine Trading company’s website is suspended currently.
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