30 Countries Including South Korea and the US Cooperate to Block Ransomware-Related Virtual Asset Laundering

[Asia Economy Reporter Yoo In-ho] South Korea, the United States, and more than 30 other countries worldwide have agreed to actively cooperate internationally to counter the increasing ransomware attacks globally by blocking money laundering of virtual assets (cryptocurrencies) such as Bitcoin.

The Ministry of Foreign Affairs announced on the 15th that a joint declaration containing these details was adopted at the 'Ransomware Response Initiative' virtual meeting held on the 13th and 14th, hosted by the White House National Security Council (NSC).

The joint declaration specifies cooperation related to regulation, supervision, and investigation to block money laundering of virtual assets during the payment process of ransomware demands.

It appears this consideration was made because hackers using ransomware often demand virtual currencies as ransom, given that the source of cryptocurrencies is difficult to trace and it is easier to evade investigations.

]

The Ministry of Foreign Affairs reported that the meeting participants commonly expressed the opinion that strengthening cyber capabilities, enhancing public-private cooperation, and international cooperation in law enforcement and investigation processes are necessary to effectively respond to ransomware.

Lee Chung-myeon, Director-General for International Security Affairs at the Ministry of Foreign Affairs, who attended as South Korea's chief representative, stated in his opening remarks, “The government has actively participated in realizing a safe and peaceful cyberspace, including as a co-proposer of the 'Action Plan for Promoting Responsible State Behavior in Cyberspace' at the United Nations. Based on this, we will actively participate in international cooperation to respond to the transnational threat of ransomware.”

This content was produced with the assistance of AI translation services.