U.S. Sanctions Target North Korean Money Laundering Network

The U.S. has imposed sanctions on two individuals and one entity in the UAE for allegedly laundering money via cybercrime to support North Korea. The move aims to cut off funds for Pyongyang's weapons programs and disrupt financial networks aiding these illegal activities.

In a significant crackdown, the United States announced sanctions Tuesday against two individuals and an entity in the United Arab Emirates, accusing them of participating in a money laundering network that supports North Korea's government.

The individuals, identified as Chinese nationals Lu Huaying and Zhang Jian, and the entity, UAE-based Green Alpine Trading, LLC, allegedly facilitated money laundering and cryptocurrency conversion services, funneling illicit proceeds back to Pyongyang. According to a U.S. Treasury Department release, these measures are part of Washington's broader effort to thwart funding for North Korea's weapons of mass destruction and ballistic missile programs.

Bradley Smith, Treasury's Acting Under Secretary for Terrorism and Financial Intelligence, stated the department's commitment to disrupt networks exploiting digital assets to support North Korea's regime. The sanctions freeze any U.S. assets of the listed parties and prohibit Americans from engaging in transactions with them, with additional penalties for those involved in specific dealings.

(With inputs from agencies.)