New U.S. Sanctions on North Korea: Implications and Consequences
Rokna Political Desk: The U.S. Department of the Treasury has sanctioned eight individuals and two North Korean entities for laundering money derived from cybercrimes and illicit schemes, underscoring Washington’s push to intensify international pressure on Pyongyang.
The Treasury Department announced that several North Korean bankers and institutions had been added to its sanctions list for their involvement in laundering funds generated through cybercrime operations.
In a statement, the Department said that the Office of Foreign Assets Control (OFAC) had designated eight individuals and two entities for their roles in laundering proceeds from various illegal activities conducted by the Democratic People’s Republic of Korea (DPRK), including cybercrimes and fraudulent schemes involving information technology workers.
The sanctioned entities include the Mangyongdae Information Technology Company and the Ryujong Credit Bank.
According to the statement, over the past three years, North Korea-linked cybercriminals have stolen more than three billion dollars through sophisticated techniques such as advanced malware and social engineering, primarily using cryptocurrencies.
Brian E. Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, stated that North Korea’s state-sponsored hackers have been stealing and laundering money to fund the country’s nuclear weapons program.
He added that the Treasury Department will continue to pursue the facilitators and operatives behind these schemes in order to cut off North Korea’s illicit revenue streams.
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