Governments To Crack Down On Ransomware Payments Channels

In a recent joint statement, senior officials from 31 countries and the EU announced that their government would take the necessary measures to put an end to the cryptocurrency payment channels used by ransomware gangs to finance their operations.

While states will use their financial institutions and infrastructure under this action to jointly exclude ransomware activities that target the critical infrastructure of international partners, the move to disrupt the misuse of cryptocurrencies by ransomware groups includes regulatory authorities, financial intelligence units and law enforcement agencies, the regulation, surveillance, investigation and necessary steps against the exploitation of virtual assets.

The joint declaration was made by ministers and representatives of the following countries: Australia, Brazil, Bulgaria, Canada, Czech Republic, Dominican Republic, Estonia, European Union, France, Germany, India, Ireland, Israel, Italy, Japan, Kenya, Lithuania, Mexico, Netherlands, New Zealand, Nigeria, Poland, Republic of Korea, Romania, Singapore, South Africa, Sweden, Switzerland, Ukraine, United Arab Emirates, the United Kingdom, and the United States.

The Counter-Ransomware Initiative will work to dry up the financing of ransomware gangs and at the same time restrict their operations by blocking their financing channels.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web