Econ Chiefs Urge Ransomware Victims To Report Payoffs

Law360 (October 13, 2020, 10:39 PM EDT) -- Leaders of seven of the world's largest economies urged ransomware victims and their intermediaries on Tuesday to report payoffs to cybercriminals as potential money laundering, warning that hackers could use laundered ransom funds to evade sanctions and bankroll terrorism.

In a joint statement, financial officials from the U.S., U.K., Canada, France, Germany, Italy and Japan said the companies that facilitate paying hackers digital currency in exchange for unlocking victims' frozen networks or releasing stolen files — including traditional banks and newer cryptocurrency exchanges — may be directly or indirectly financing future cyberattacks or other illicit activities.

Noting that "some prominent strains of ransomware have been linked to...

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