US Treasury imposed sanctions on Chinese citizens who used BTC to launder money


(OFAC) has imposed sanctions on four Chinese citizens who allegedly used BTC to launder drug proceeds.

The Office of Foreign Assets Control of the United States Department of the Treasury reports that Songyan Ji, Longbao Zhang, Guifeng Cheng, Guangfu Zheng, and Global Biotechnology Inc. supported the work of Zheng’s drug trafficking organization.

“Zheng partially laundered drug proceeds through bitcoin, transferred the illicit funds to bank accounts in China and Hong Kong, and then withdrew them and bypassed currency restrictions and reporting requirements,” the OFAC said in a statement.

The imposition of sanctions means that OFAC is attempting to confiscate property belonging to persons associated with that organization in the United States, and also prohibits US entities from doing business or transacting with sanctioned citizens.

Recall that at the end of November 2018, OFAC added the cryptocurrency addresses of Iranian residents Ali Khorashadizadeh and Mohammad Ghorbaniyan to the “sanctions list”.

Last August, the purses of Xiaobing Yan, Fujing Zheng and Guanghua Zheng were put on the “sanctions list” for using cryptocurrencies to launder drug proceeds.

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