Washington: The United States announced the imposition of sanctions on eight North Korean individuals and two entities due to their involvement in laundering money acquired through illicit cyber activities. The Department of the Treasury's Office of Foreign Assets Control (OFAC) made the disclosure as part of its ongoing efforts to block cybercrimes that generate revenue for North Korea's weapons of mass destruction and ballistic missile programs.

According to Yonhap News Agency, the sanctioned individuals include Jang Kuk-chol and Ho Jong-son, North Korean bankers who managed illicit funds, including $5.3 million in cryptocurrency. A portion of these funds is linked to ransomware attacks targeting U.S. citizens and revenue from North Korean IT workers. Additionally, Korea Mangyongdae Computer Technology Co. has been added to the sanctions list for operating IT workers in Chinese cities, Shenyang and Dandong.

OFAC also sanctioned Ryujong Credit Bank for assisting overseas North Korean workers in avoiding sanctions by facilitating the remittance of foreign currency earnings, money laundering, and other financial transactions. Six other individuals were sanctioned for facilitating money transfers. John Hurley, under secretary of the Treasury for terrorism and financial intelligence, stated that the revenue generated by these actors directly threatens U.S. and global security, affirming the Treasury's commitment to pursuing facilitators of such schemes to cut off North Korea's illicit revenue streams.

Under the sanctions, all property of the designated individuals within the U.S. or controlled by U.S. persons are blocked and must be reported to OFAC. Unless specifically authorized, all transactions by U.S. persons or within the U.S. related to the designated individuals and entities are prohibited. OFAC highlighted that North Korean-affiliated cybercriminals have stolen over $3 billion in the past three years, primarily through cryptothefts using advanced malware and other methods.