Australia Targets North Korean Cybercrime with Sanctions

(MENAFN) Australia announced on Thursday that it has enacted financial sanctions and travel prohibitions against four organizations and one individual, citing their alleged participation in cybercrime to "support and fund North Korea’s weapons of mass destruction and ballistic missile programs."

Foreign Minister Penny Wong explained that the move follows evidence indicating that North Korea-affiliated cyber actors have been involved in extensive cryptocurrency theft, fraudulent information technology operations, and espionage activities designed to bypass sanctions and fund the nation’s weapons development initiatives.

Referring to findings from the Multilateral Sanctions Monitoring Team, responsible for overseeing the enforcement of UN sanctions on North Korea, Wong stated that the report revealed North Korean hackers had stolen at least $1.9 billion in cryptocurrency worldwide in 2024.

These hackers utilized an international network of North Korean nationals and foreign collaborators to launder the illicit digital assets.

"The Australia Government is taking this action with the United States to apply pressure on North Korea’s illegal revenue generation networks and address its persistent challenges to security and stability," Wong emphasized.

Earlier in the week, the US Treasury Department also announced sanctions targeting eight individuals and two organizations linked to laundering proceeds from "illicit schemes" conducted by North Korea, including cybercrime and exploitation of overseas IT workers.

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