![]() And any person or financial institution that engages in certain transactions or knowingly provides “significant financial services” to them could also find themselves on OFAC’s sanctions list. Now that Sim, Wu, and Cheng have been sanctioned, all of the trio’s property and interests therein, are blocked by OFAC. That means North Korea accounted for nearly half the $3.8 billion stolen last year, according to Chainalysis. North Korean actors stole nearly $1.7 billion in virtual currency through hacking in 2022, said OFAC, citing public records. Lazarus Group, which many believe is an advanced persistent threat (APT) affiliated with the North Korean government, first grabbed attention with a 2014 attack on Sony Pictures over a satirical. In turn, Sim is said to have directed OTC traders, such as Wu and Cheng, to send funds to front companies that used them for goods including tobacco and communication devices, said OFAC. OFAC alleges Sim received cryptocurrency from North Korean nationals fraudulently performing IT work abroad. The conspiracy comprised North Korean hacking groups that some private cybersecurity researchers have labeled the Lazarus Group and Advanced Persistent Threat 38 (APT38). North Korea-Linked Lazarus Group Poses as VC Firms to Spread Malware Sim Hyon Sop, who OFAC said acted on behalf of Korea Kwangson Banking Corp., an entity previously connected with providing financial services to entities proliferating WMD, was also sanctioned. Wu Huihui was sanctioned by OFAC in connection with providing material assistance to the Lazarus Group and Cheng Hung Man was also added to the sanctions list for aiding Wu. ![]() The stolen cryptocurrencies are converted to fiat through networks of North Korean and Chinese over-the-counter traders (OTC) that North Korea often uses, “to conduct transactions on their behalf to avoid detection by financial institutions or competent authorities,” said OFAC. He also noted that North Korea has launched three intercontinental ballistic missiles already this year. Nelson said North Korea’s illicit activities to “generate revenue using virtual currency for the regime’s unlawful weapons of mass destruction(WMD) and ballistic missile programs directly threatens international security.” The use of Sanctions List Search does not limit any criminal or civil liability for any act undertaken as a result of, or in reliance on, such use.Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Sanctions List Search is one tool offered to assist users in utilizing the SDN List and/or the various other sanctions lists use of Sanctions List Search is not a substitute for undertaking appropriate due diligence. OFAC does not provide recommendations with regard to the appropriateness of any specific confidence rating. ![]() Sanctions List Search will detect certain misspellings or other incorrectly entered text, and will return near, or proximate, matches, based on the confidence rating set by the user via the slider-bar. Sanctions List Search has a slider-bar that may be used to set a threshold (i.e., a confidence rating) for the closeness of any potential match returned as a result of a user's search. The Lazarus group has had multiple operations over the years, most of which involve either disruption, sabotage, financial theft or espionage. The Sanctions List Search tool uses approximate string matching to identify possible matches between word or character strings as entered into Sanctions List Search, and any name or name component as it appears on the SDN List and/or the various other sanctions lists. ![]() These program codes indicate how a true hit on a returned value should be treated. Given the number of lists that now reside in the Sanctions List Search tool, it is strongly recommended that users pay close attention to the program codes associated with each returned record. Specially Designated Nationals and Blocked Persons list ("SDN List") and all other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Non-SDN Iran Sanctions Act List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions and the Non-SDN Palestinian Legislative Council List. ![]()
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