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US Treasury, Israel Expand Cooperation Against Ransomware; Wally Adeyemo Quoted

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The U.S. Department of the Treasury and the government of Israel have formed a bilateral partnership to broaden international cooperation and safeguard critical financial infrastructure from ransomware threats. The partnership launched a U.S.-Israeli task force to advance financial technology innovation and cybersecurity, the Treasury said Sunday.

The new task force will come up with a memorandum of understanding to drive information sharing related to the financial sector, promote personnel training and study visits to encourage cooperation and advance competency-building activities.

The task force will also introduce technical exchanges on regulation, policy and outreach efforts in support of fintech innovation that comes with cyber protections and achieve compliance with international standards on counterterrorist financing and anti-money laundering.

“As the global economy recovers and ransomware and other illicit finance threats present a grave challenge to Israel and the United States, increased information exchanges, joint work, and collaboration on policy, regulation, and enforcement are critical to our economic and national security objectives,” said Wally Adeyemo, deputy secretary of the Treasury.