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US Imposes Sanctions on Individuals Supporting North Korea’s Illicit Financial Activities

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken action against three individuals for providing support to North Korea through illicit financing and malicious cyber activity. The sanctioned individuals are Wu Huihui, Cheng Hung Man, and Sim Hyon Sop.

Background Information

According to OFAC, Wu and Cheng are part of a network of over-the-counter virtual currency traders who facilitated the conversion of stolen virtual currency into fiat currency for North Korean actors. The Lazarus Group, a cybercrime organization controlled by North Korea’s Reconnaissance General Bureau, was also involved in these transactions.

Sim’s Role

Sim, on the other hand, is a deputy representative of the Korea Kwangson Banking Corp, which is owned by the Democratic People’s Republic of Korea (DPRK). He has coordinated millions of dollars in financial transfers for the DPRK and received tens of millions of dollars in virtual currency from IT workers who fraudulently obtained employment in the technology and virtual currency industries.

Sanctions and Collaboration

The sanctions are a result of OFAC’s ongoing collaboration with the Department of Justice and the Federal Bureau of Investigation. A federal indictment was returned on April 18, 2023, for Wu, Cheng, and Sim. The US also worked closely with the Republic of Korea, which is designating Sim for his illicit activities.

Effects of Sanctions

The sanctions will block all property and interests in property of the individuals named above that are in the United States or in the possession or control of US persons. Any entities owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.

Purpose of OFAC Sanctions

The power and integrity of OFAC sanctions aim to bring about a positive change in behavior and not to punish. For information on seeking removal from an OFAC list, including the Specially Designated Nationals and Blocked Persons (SDN) List, please refer to OFAC’s Frequently Asked Question 897.

Additional Guidance

For additional guidance on complying with sanctions, see OFAC’s Sanctions Compliance Guidance for the Virtual Currency Industry and OFAC’s FAQs on virtual currency.