December 05, 2023

China denies North Korean banker laundered cryptocurrency within its borders

Statement to UN Panel of Experts comes after member state alleged Sim Hyon Sop helped DPRK procure $24M in stolen crypto

China has denied allegations that a sanctioned North Korean bank representative received and laundered millions of dollars in virtual currency within its borders, according to a new U.N. report.

The U.N. Panel of Experts said in its latest report that Sim Hyon Sop, a China-based representative of the sanctioned Korea Kwangson Banking Corporation (KKBC), allegedly received over $24 million worth of laundered digital assets, citing a member state.