The United States has sanctioned North Korean bankers, accusing them of Money Laundering with stolen Crypto Assets.

On November 4, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions against several bankers, Financial Institutions, and related entities, accusing them of being involved in Money Laundering and transferring Crypto Assets obtained through cybercrime to fund its nuclear weapons program. The Treasury Department stated that over the past three years, North Korea has stolen more than $3 billion in digital assets through malware and social engineering attacks, surpassing any other country-related actors. The sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds for the sanctioned First Credit Bank, including about $5.3 million in cryptocurrency. The Treasury pointed out that North Korea relies on a network of bank representatives, shell companies, and Financial Institutions established in the country and in places like Russia to conduct Money Laundering, cryptocurrency theft, and evade sanctions. The U.S. had previously warned companies to be vigilant of North Korean IT workers disguising their identities to infiltrate the financial system for illegal activities. (Associated Press)