The United States imposes sanctions on North Korea's cryptocurrency money laundering network

On December 17, 2024, the United States imposed sanctions on two individuals and one entity based in the United Arab Emirates (UAE) for their involvement in a millions-of-dollars cryptocurrency money laundering network aimed at supporting the North Korean government. The two sanctioned individuals, Lu Huaying and Zhang Jian, are Chinese citizens residing in the UAE, who worked through the front company Green Alpine Trading to assist in money laundering services and cryptocurrency conversion, transferring illegal profits back to Pyongyang. These sanctions freeze any of their assets in the United States and prohibit Americans from doing business with them. This action is part of Washington's efforts to halt funding for North Korea's weapons of mass destruction and ballistic missile programs. The U.S. Treasury Department stated that North Korea continues to employ complex criminal schemes to finance these programs, including the exploitation of digital assets. This is not the only instance of sanctions related to North Korea in December 2024; the U.S. has also imposed additional sanctions targeting North Korea's financial activities and its military support for Russia in the war in Ukraine.