U.S. Sanctions Target UAE-Based Money Laundering Network

The United States has imposed sanctions on two individuals and one UAE-based entity for allegedly laundering money for North Korea via cybercrimes. These actions aim to disrupt funding for North Korea's weapons and missile programs. The sanctioned individuals and entity face asset freezes and transaction bans in the U.S.

The United States has announced sanctions against two individuals and one entity based in the United Arab Emirates, accusing them of operating within a money-laundering network benefiting North Korea. The U.S. Treasury Department stated that these entities were involved in funneling millions of dollars obtained through cybercrimes.

This operation reportedly facilitated cryptocurrency conversions that directed illicit financial resources back to North Korea, as outlined in a statement from the Treasury Department. The move comes as part of Washington's ongoing efforts to sever financial support for North Korea's weapons and missile development programs.

The sanctions specifically target UAE-based Chinese nationals Lu Huaying and Zhang Jian, along with Green Alpine Trading LLC. These actions block any of their assets under U.S. jurisdiction and prohibit Americans from engaging in transactions with them. Entities conducting business with these sanctioned parties may also be subject to penalties.

(With inputs from agencies.)