The United States has sanctioned two individuals and one entity for their involvement in facilitating a virtual currency money laundering network that supports the Democratic People’s Republic of Korea (DPRK)’s illegal weapons of mass destruction (WMD) and ballistic missile programs. The sanctions, announced today by the U.S. Department of State, are part of ongoing efforts to disrupt DPRK’s financial operations and curb the regime’s capacity to fund its unlawful activities.
The individuals targeted are Lu Huaying and Zhang Jian, both nationals of the People’s Republic of China (PRC) based in the United Arab Emirates (UAE). They are accused of acting as agents to facilitate money laundering and cryptocurrency conversion services for the DPRK and its proxies. Alongside them, Green Alpine Trading, LLC, a UAE-based front company, has been sanctioned for its role in laundering millions of dollars for the DPRK’s illicit activities.
This money laundering network is reportedly led by Sim Hyon Sop, a DPRK banking representative previously designated by the United States. Sim had operated out of the UAE before relocating to the PRC, continuing his efforts to finance DPRK’s nuclear and missile programs.
The sanctions are imposed under Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery. The U.S. government has reiterated its commitment to combatting money laundering activities linked to the DPRK’s illicit arms trade and will continue to take action against individuals and entities involved in supporting such operations.
For further information, the U.S. Department of the Treasury’s actions were also taken under Executive Orders 13382, 13551, and others related to the DPRK’s illegal activities.