The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced on Mar. 12 that it has sanctioned six individuals and two entities involved in information technology worker schemes orchestrated by the Democratic People’s Republic of Korea (DPRK). These schemes have targeted U.S. businesses and generated nearly $800 million in revenue in 2024 to support North Korea’s weapons of mass destruction programs.
The Treasury said these actions are part of a broader effort to counter DPRK's attempts to raise funds through fraudulent IT operations, which threaten both national security and private sector interests. The department stated that overseas North Korean IT workers use false documentation, stolen identities, and fabricated personas to gain employment with legitimate companies, funneling most earnings back to the regime.
"The North Korean regime targets American companies through deceptive schemes carried out by its overseas IT operatives, who weaponize sensitive data and extort businesses for substantial payments," said Secretary of the Treasury Scott Bessent. "Under President Trump’s leadership, Treasury will continue to follow the money in order to protect U.S. businesses from these malicious activities and ensure those responsible are held accountable."
Among those designated is Amnokgang Technology Development Company, a DPRK-based firm managing delegations of overseas IT workers and conducting illicit procurement activities. The sanctions also target Nguyen Quang Viet, CEO of Quangvietdnbg International Services Company Limited in Vietnam, for converting approximately $2.5 million into cryptocurrency for North Koreans between mid-2023 and mid-2025. Other individuals sanctioned include Do Phi Khanh and Hoang Van Nguyen for facilitating financial transactions on behalf of a known DPRK nuclear procurement facilitator.
The action blocks all property or interests belonging to designated persons within U.S. jurisdiction and prohibits transactions involving them unless authorized by OFAC. Violations may result in civil or criminal penalties for both U.S. and foreign persons involved.
The Treasury emphasized that its sanctions aim not only to punish but also to encourage positive behavioral change among designated parties.
