Chinyong Information Technology Cooperation Company

Stories

Treasury sanctions North Korean and Russian facilitators of IT worker fraud

Designated by OFAC in May 2023

The Treasury Department's Office of Foreign Assets Control blocked the US assets of ten people and one company on October 28. Treasury says they staffed and financed North Korea's information technology worker scheme, which places fake employees in US companies and sends most of their pay to Pyongyang's weapons programs.

Updated Nov 1

Australia sanctions North Koreans behind fraudulent IT worker schemes

Rule Changes

Sanctioned by Australia and the US

Foreign Minister Penny Wong signed the listings on October 20, and they took effect October 23, 2026. Two North Korean men, Yu Pu Ung and Sim Hyon Sop, and two companies now face asset freezes, and the men face travel bans. Dealing with their assets without a government permit can bring up to 10 years in prison.

Updated Oct 27