The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on citizens of China and North Korea, as well as a company from the United Arab Emirates, which conducted transactions with cryptocurrencies and cashed them out.
According to the OFAC statement, Sim Hyun Sop, head of a financial scheme, was revealed to be a North Korean banker at Kwangson Bank Corporation who had previously been sanctioned by OFAC.
From the beginning of 2022 to September 2023, his assistant Lu Huaing laundered several million dollars. The laundered funds were then used to pay for purchases of products and services that were intended for the DPRK.
The legal entity of the money laundering network was the UAE-registered company Green Alpine Trading, LLC.
Chinese citizen Zhang Jian, who worked as a courier, was also sanctioned.
