The United States imposes sanctions on North Korean bankers suspected of money laundering and stealing cryptocurrency.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced a new round of sanctions on November 4 against several bankers, financial institutions, and related entities, accusing them of involvement in money laundering for North Korea 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, exceeding the amount stolen by any other state actor. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency. The Treasury Department noted that North Korea relies on a network of bank representatives, shell companies, and financial institutions established in North Korea, Russia, and other locations for money laundering, cryptocurrency theft, and sanctions evasion. The U.S. had previously warned businesses to be wary of North Korean IT professionals infiltrating the financial system under false identities to engage in illicit activities. (Associated Press)