The U.S. has imposed sanctions on North Korean bankers, financial institutions, and entities accused of laundering money from cybercrimes.
This decision aims to cut off the funding sources for North Korea’s illegal nuclear weapons program. Officials state that over $3 billion has been diverted to the regime through these schemes in the past three years.
North Korean operatives use stolen identities to get freelance IT jobs in the U.S., Europe, and East Asia. The regime then confiscates their wages. State-sponsored hackers steal cryptocurrency and sensitive data from companies. They use shell companies and financial representatives in China, Russia, and elsewhere to move the illicit funds.
The new sanctions specifically target eight individuals and two firms, including bankers Jang Kuk Chol and Ho Jong Son, who managed funds for sanctioned banks.
Australia imposes sanctions on alleged cybercriminals for funding North Korea’s weapons programs
