The United States has imposed sanctions on two entities and eight individuals accused of supporting North Korea's efforts to launder money obtained from cybercrime and fraudulent information technology activities.
Among those sanctioned is Ryujong Credit Bank, a financial institution based in North Korea that facilitated sanctions-evasion between China and North Korea. The U.S. also targeted Korea Mangyongdae Computer Technology Company, an IT firm operating workers in China, along with its president U Yong Su.
Jang Kuk Chol and Ho Chong Son, identified as North Korean bankers, were designated for managing funds for the First Credit Bank, which is already under U.S. sanctions. Some of these funds are linked to ransomware operations that previously affected American victims. Additionally, five representatives from North Korean financial institutions—Ho Yong Chol, Han Hong Gil, Jong Sung Hyok, Choe Chun Pom, and Ri Jin Hyok—were sanctioned for enabling transactions that violate United Nations sanctions.
In a statement released by the Office of the Spokesperson, the U.S. government 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."
A recent report from the Multilateral Sanctions Monitoring Team highlighted how North Korea continues to violate UN sanctions through cyber activity and overseas IT work. According to this report issued on October 22, these actions help fund unlawful weapons programs and pose risks to international security and the global digital economy.
"Today’s actions reaffirm our commitment to hold accountable those who target U.S. citizens and benefit the DPRK’s unlawful weapons programs," stated the spokesperson. "We stand alongside the other MSMT participating states in remaining committed to strengthening collective resilience against such threats."
The Department of Treasury announced that these measures were enacted under several executive orders related to national security concerns over North Korea's activities.
For further details on this action, additional information can be found through Department of Treasury press releases.