US, allies pledge to combat money laundering as part of efforts to slow ransomware

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Oct 14, 2021 | CYBERSCOOP

Nations must better implement international standards for clamping down on money laundering in order to disrupt ransomware gangs’ illicit finance, according to a joint statement Thursday from 30-plus countries that participated in two days of White House meetings.

The joint statement also included commitments to other methods of countering ransomware, such as encouraging cyber hygiene practices to the private sector, collaborating across law enforcement and national security agencies and using diplomatic pressure against nations that harbor cybercriminals.

“The threat of ransomware is complex and global in nature and requires a shared response,” the joint statement reads. “A nation’s ability to effectively prevent, detect, mitigate and respond to threats from ransomware will depend, in part, on the capacity, cooperation, and resilience of global partners, the private sector, civil society, and the general public.”

The two days of meetings were the latest steps the Biden administration has taken to battle ransomware, a frequent focus of the White House since major ransomware attacks this summer on Colonial Pipeline, JBS and Kaseya. However, the meetings excluded Russia, whom Biden has repeatedly singled out for harboring ransomware gangs — including alleged Russia-based

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