Article:
In a recent update from the financial market, the U.S. Department of the Treasury has imposed sanctions on two individuals and one entity based in the United Arab Emirates (UAE) for their involvement in a major money laundering network using cryptocurrency to support the North Korean government. According to reports from Reuters, these individuals used a shell company in the UAE to provide crypto exchange services and launder money to benefit Pyongyang's illicit profits.
This move comes as the U.S. is working to stop the flow of funds supporting North Korea's weapons of mass destruction and ballistic missile programs. Mr. Bradley Smith, Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence, emphasized that North Korea continues to employ complex criminal tactics to finance these activities, including exploiting digital assets.
Specific sanctions have been imposed on Lu Huaying and Zhang Jian, both Chinese citizens residing in the UAE, along with the company Green Alpine Trading LLC. The assets of these individuals and entities in the United States have been frozen, and Americans are prohibited from engaging in transactions with them. Those who participate in certain transactions with them also risk sanctions.
This measure demonstrates the seriousness of the U.S. in monitoring and overseeing crypto-related activities to prevent its use in supporting illegal activities. It also raises many questions about how other altcoins are being exploited in illicit financial operations.
For more detailed information, follow news from Reuters — your reliable source for global financial events.
