<ul><li>The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two individuals and one entity involved in a network laundering millions of dollars in illicit funds for North Korea.</li><li>Lu Huaying and Zhang Jian, based in the United Arab Emirates (UAE), used a UAE-based front company to facilitate money laundering and cryptocurrency conversion, funneling the proceeds back to Pyongyang.</li><li>North Korea continues to rely on agents and proxies to access the global financial system for illicit activities, according to the OFAC.</li><li>North Korean hackers have recently executed various crypto-related cybercrimes, including infiltrating crypto projects, exploiting vulnerabilities, and carrying out large-scale thefts.</li></ul>

Treasury Cracks Down on North Korean Sanctions Evasion Through Crypto Laundering

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