US Treasury and UAE Impose Sanctions on North Korean Crypto Laundering Network
The United States Treasury Department’s Office of Foreign Assets Control (OFAC), in close collaboration with the United Arab Emirates government, has imposed sanctions on individuals accused of facilitating North Korean digital asset laundering.
OFAC has sanctioned two Chinese citizens, Lu Huaying and Zhang Jian, along with UAE-based Green Alpine Trading, for their alleged roles in cryptocurrency conversion and the laundering of funds subsequently transferred to the Democratic People’s Republic of Korea.
Acting Treasury Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith stated that as the DPRK continues to employ complex criminal schemes, including the exploitation of digital assets, to fund its weapons of mass destruction and ballistic missile programs, the Treasury remains committed to disrupting the networks that facilitate these financial flows to the regime.
Both Lu and Zhang reside in the UAE. Lu is accused of converting cryptocurrency into fiat currency and using it to procure goods and services intended for North Korea or its proxies, with activities spanning from early 2022 to September 2023, according to the Treasury Department.
