US TREASURY TAKES ROBUST ACTIONS TO COUNTER RANSOMWARE INCLUDING OFAC ADVISORY AND DESIGNATION OF VIRTUAL CURRENCY EXCHANGE

On 21 September, the US Treasury announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cyber security across the private sector, and increasing incident and ransomware payment reporting to US Government agencies, including both US Treasury and law enforcement.  Actions include OFAC designating of SUEX OTC, S.R.O. (SUEX), a virtual currency exchange, for its part in facilitating financial transactions for ransomware actors.  OFAC also updated its Advisory on avoiding sanctions risks when facilitating ransomware payments.

https://home.treasury.gov/system/files/126/ofac_ransomware_advisory.pdf

https://home.treasury.gov/news/press-releases/jy0364

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20210921

https://www.cisa.gov/sites/default/files/publications/CISA_MS-ISAC_Ransomware%20Guide_S508C_.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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