Odaily Planet Daily reports that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced on November 4 a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of involvement in money laundering for North Korea and transferring crypto assets obtained through cybercrime to fund its nuclear weapons program.

The U.S. Treasury Department stated that North Korea stole over $3 billion in digital assets through malware and social engineering attacks over the past three years, more than any other state actor. Those sanctioned include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency.

The Ministry of Finance pointed out that North Korea relies on a network of bank representatives, shell companies, and financial institutions established in North Korea, Russia, and other locations for money laundering, cryptocurrency theft, and sanctions evasion. The United States had previously warned businesses to be wary of North Korean IT professionals infiltrating the financial system under false identities to engage in illicit activities. (Associated Press)