FATF publishes Countering Ransomware Financing report

FATF has published its report on countering ransomware financing, which analyses the methods criminals use to carry out ransomware attacks and how payments are made and laundered. It reveals that criminals predominantly use crypto, or virtual assets and easily accessible virtual asset service providers worldwide. Accordingly, jurisdictions with minimal or non-existent AML/CFT controls are therefore of significant concern.

FATF proposes a number of actions countries can take to more effectively disrupt ransomware related money laundering, including:

  • building on and leveraging existing international cooperation mechanisms;
  • development by authorities of the necessary skills and tools to quickly collect key information, trace the nearby instantaneous financial transactions and recover virtual assets before they dissipate; and
  • authorities extending their collaboration beyond their traditional counterparts to include cyber-security and data protection agencies.

In addition, FATF has published a list of potential risk indicators to help public and private sector entities identify suspicious activity related to ransomware.

FIN. Team