US TREASURY SANCTIONS RELATED TO RANSOMWARE PLUS FinCEN ADVISORY ON RANSOMWARE AND THE USE OF THE FINANCIAL SYSTEM TO FACILITATE RANSOM PAYMENTS

On 8 November, OFAC announced sanctions on 2 ransomware operators and a virtual currency exchange network for a recent incident and laundering cyber ransoms.  At the same time, FinCEN issued an Advisory, which included the following illustration of the role of a convertible currency exchange (CVC) –

https://home.treasury.gov/news/press-releases/jy0471

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20211108

https://www.fincen.gov/sites/default/files/advisory/2021-11-08/FinCEN%20Ransomware%20Advisory_FINAL_508_.pdf

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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