The United States and South Korea have imposed sanctions on two institutions and four individuals involved in illegal fundraising or overseas activities of North Korean IT personnel for the first time globally.
According to the Ministry of Foreign Affairs on the 28th, this measure was taken during the 6th U.S.-South Korea Working Group meeting on North Korean cyber threats, held in Washington DC on the 27th and 28th (local time). The two countries have been closely cooperating to block illegal cyber activities, which are a source of funds for North Korea’s nuclear and missile development.
The two institutions sanctioned are the UAE’s Pioneer Bencont Star Real Estate and Russia’s Alice LLC. They have been involved in the overseas dispatch and activities of North Korean IT personnel, operating in connection with the Jinyoung Information Technology Development Cooperation Company, a Ministry of Defense-affiliated organization that has dispatched IT personnel to Russia, China, Laos, and other places.
Last May, the U.S. and South Korea jointly sanctioned the Jinyoung Information Technology Development Cooperation Company and its chief, Kim Sang Man.
The four individuals sanctioned are Yu Pu Ung, representative of Amroggang Development Bank, Han Chol Man, representative of Kumgang Bank in Shenyang, Jong Song Ho, representative of Jinmyong Joint Bank in Vladivostok, and O In Chun, representative of Korea Daesong Bank in Vladivostok. They were involved in fundraising for North Korea’s nuclear and missile development by aiding North Korea’s foreign currency earnings through illegal financial activities such as money laundering.
In particular, Yu Pu Ung has been jointly tracked by the U.S. and South Korea as North Korea’s money manager, laundering large amounts of income from North Korean IT personnel and aiding the procurement of sensitive materials used in North Korean nuclear and missile development, such as the military-industrial complex and the rocket industry.
The Ministry of Foreign Affairs said, “We expect a great effect in alerting the domestic and international community about the risk of transactions with institutions and individuals jointly sanctioned by the U.S. and South Korea.”
The ministry added, “Through this measure, we expect to further enhance the effect of restraining the overall activities of North Korean IT foreign currency earners by comprehensively sanctioning not only institutions directly involved in illegal activities of North Korean IT personnel but also those who assist in foreign currency earnings through illegal financial activities.”
Meanwhile, since first announcing unilateral sanctions against North Korea in the cyber field in February last year, the government has imposed sanctions on North Korean IT personnel dispatch organizations, hacking organizations, training institutions, and money launderers six times. It has also registered the wallet addresses of North Korean hacking organizations’ virtual assets as identification information.
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