The United States has imposed sanctions on two entities and eight individuals for their roles in laundering funds for the Democratic People’s Republic of Korea (DPRK), including money generated from cybercrime and fraudulent information technology (IT) worker activities.
Among those sanctioned is Ryujong Credit Bank, a financial institution based in North Korea that has facilitated sanctions-evasion between China and North Korea. Also included is Korea Mangyongdae Computer Technology Company, an IT firm operating workers in China, along with its president U Yong Su. Two North Korean bankers, Jang Kuk Chol and Ho Chong Son, who have managed funds for the previously designated First Credit Bank—including money linked to ransomware attacks against U.S. targets—are also named. Additionally, five representatives from North Korean financial institutions—Ho Yong Chol, Han Hong Gil, Jong Sung Hyok, Choe Chun Pom, and Ri Jin Hyok—have been sanctioned for enabling the DPRK to conduct financial transactions in violation of United Nations sanctions.
A statement released today said: “The United States strongly condemns the activities of entities associated with the DPRK, including those supporting the DPRK’s WMD and ballistic missile programs in violation of multiple UN Security Council resolutions (UNSCRs) and enabling associated sanctions-evasion activities.” The statement referenced an October 22 report by the Multilateral Sanctions Monitoring Team titled “The DPRK’s Violation and Evasion of UN Sanctions Through Cyber and Information Technology Worker Activities,” which details how North Korea uses cyber operations—including cryptocurrency thefts and overseas IT work—to generate revenue for its weapons programs.
“Today’s actions reaffirm our commitment to hold accountable those who target U.S. citizens and benefit the DPRK’s unlawful weapons programs. We stand alongside the other MSMT participating states in remaining committed to strengthening collective resilience against such threats,” according to the statement.
These measures were enacted under several executive orders related to national security and sanctions enforcement. The Department of Treasury provided further details on these actions through its official press releases.
