Huaying LU

China

1978-12-01

Male

United Arab Emirates

EJ5513114, Passport

Other

Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning two individuals and one entity involved in a network that launders millions of dollars of illicit funds generated by the Democratic People’s Republic of Korea (DPRK) information technology (IT) workers and cybercrime to support the DPRK Government. Based in the United Arab Emirates (UAE), Lu Huaying and Zhang Jian worked through a UAE-based front company to facilitate money laundering and cryptocurrency conversion services that funneled the illicit proceeds back to Pyongyang. This network is led by OFAC-sanctioned Sim Hyon Sop (Sim), a PRC-based banking representative for the DPRK who orchestrates money laundering schemes to fund the regime. Since at least early 2022, UAE-based PRC national Lu Huaying has cashed out cryptocurrency derived from obfuscated DPRK revenue-generation projects into fiat cash on behalf of OFAC-sanctioned Sim Hyon Sop. Between early 2022 and approximately September 2023, Lu Huaying has laundered several million dollars of Sim Hyon Sop’s money through a combination of cryptocurrency cash-outs and money mules. The laundered funds were then used as payment for purchases of products and services assessed to be destined for use by the DPRK or its proxies. OFAC is designating Lu Huaying and Zhang Jian for being owned or controlled by or having acted or purported to act for or on behalf of, directly or indirectly, Sim Hyon Sop, an individual whose property and interests in property are blocked pursuant to E.O. 13382.

US

https://home.treasury.gov/news/press-releases/jy2752

2024-12-17

US

Weapons of Mass Destruction Proliferators Sanctions Regulations, 31 C.F.R. part 544

OFAC-horizontal

Non-Proliferation

Blocking Property

On April 13, 2009, OFAC issued the Weapons of Mass Destruction Proliferators Sanctions Regulations, 31 CFR part 544 (74 FR 16771, April 13, 2009) (the “Regulations”), to implement Executive Order (E.O.) 13382 of June 28, 2005, “Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters” (70 FR 38567, July 1, 2005)

SDN