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The US Department of the Treasury’s Office of Foreign Assets Control has sanctioned two individuals and one entity involved in a network laundering millions of dollars in illicit funds for North Korea.
Sim Hyon Sop, a representative of the DPRK’s Korea Kwangson Banking Corp based in the People’s Republic of China , is said to be a key figure in these activities. Operating as an agent for North Korean financial institutions, Sim is accused of orchestrating money laundering schemes, establishing shell companies, and managing bank accounts to move illicit funds. The OFAC previously designated Sim and KKBC under Executive Order 13382, targeting entities that support WMD proliferation.
OFAC is designating both Huaying and Zhang Jian, along with Green Alpine Trading, LLC, a UAE-based front company involved in the network, for their roles in supporting Sim’s illicit activities.
United States Latest News, United States Headlines
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