Treasury Sanctions DPRK Bankers and Institutions Involved in Laundering Cybercrime Proceeds and IT Worker Funds

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight individuals and two entities for their role in laundering funds derived from a variety of illicit Democratic People’s Republic of Korea (DPRK) schemes, including cybercrime and information technology (IT) worker fraud. “North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley. “By generating revenue for Pyongyang’s weapons development, these actors directly threaten U.S. and global security. Treasury will continue to pursue the facilitators and enablers behind these schemes to cut off the DPRK’s illicit revenue streams.”As highlighted in the recent Multilateral Sanctions Monitoring Team report titled “The DPRK’s Violation and Evasion of UN Sanctions Through Cyber and Information Technology Worker Activities,” this malicious activity poses continuing threats to the United States and the international community, as these operations