Participants at US summit highlight role of cryptocurrencies in ransomware attacks

Participants at the U.S.-hosted summit will bolster capabilities to curb the use of cryptocurrencies in ransomware attacks. This is stated in a joint заявлении by representatives of 31 countries and the EU.

“Ransomware programs are, first and foremost, profit-driven, typically using money-laundering networks to move proceeds from attacks,” the document notes.

It notes that to reduce the criminals’ economic incentives, international cooperation is needed in preventing, tracing and interrupting payment flows.

Cryptocurrencies are described in the document as the “primary instrument” that “criminals use for payments related to ransomware and subsequent money laundering.”

According to the statement, countries will expand the capabilities of national authorities in “regulating, supervising, investigating and taking action” against the use of virtual assets by ransomware operators.

In their view, uneven implementation of FATF rules regarding cryptocurrencies and virtual asset service providers (VASP) creates an environment that allows jurisdictional arbitrage. This gives criminals the opportunity to circumvent AML rules.

“We are seeking to intensify our efforts to disrupt the ransomware business model and related money-laundering activities, including by ensuring effective detection and reduction of the AML risks associated with VASP, within national systems,” the communiqué says.

Authorities of the participating countries also intend to cooperate with representatives of the cryptocurrency industry to share information related to ransomware.

Earlier, in the administration of the U.S. president called tracking of crypto transactions one of the possible options to combat ransomware.

In the US Senate urged tighter oversight of criminals’ use of cryptocurrencies and introduced a bill with provisions to report information about the ransom.

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