OFAC Ramps up Targeting of Ransomware-linked Actors and FinCEN Updates Ransomware Advisory

November 19, 2021

On November 8, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control designated a virtual currency exchange, Chatex, and its infrastructure support providers on the list of Specially Designated Nationals and Blocked Persons for their role in facilitating financial transactions for ransomware actors.

The Financial Crimes Enforcement Network also released an updated advisory on ransomware and the use of the financial system to facilitate ransomware payments.  These actions were taken in furtherance of a coordinated “whole-of-government” effort to disrupt criminal ransomware actors and the virtual currency exchanges used to launder ransom payments around the world.

Please click here to continue reading on the Cleary Foreign Investment and International Trade Watch blog.