Print Article

FATF Countering Ransomware Financing [14 March 2023]


Ransomware attacks target individuals, businesses and government agencies across the world. The impact of these attacks can be devastating for individuals, government agencies and business activity and even disrupt essential infrastructure and services.

This FATF report analyses the methods criminals use to carry out ransomware attacks and how payments are made and laundered.

Criminals use crypto or virtual assets almost exclusively and have easy access to virtual asset service providers worldwide.

Jurisdictions with weak or non-existent AML/CFT controls are therefore of concern.

The report proposes some actions that countries can take to disrupt ransomware-related money laundering; these include

  • Building on and leveraging existing international cooperation mechanisms, given the transnational nature of ransomware attacks and related laundering,

Authorities must also develop the necessary skills and tools to collect key information quickly, trace the nearly instantaneous financial transactions and recover virtual assets before they dissipate.

The multi-disciplinary nature of ransomware also means that authorities must extend their collaboration beyond their traditional counterparts to include cyber-security and data protection agencies.

The FATF also finalized a list of potential risk indicators that can help public and private sector entities identify ransomware-related suspicious activities.





The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more


View our latest imagery from our news and work

Find out more


Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email