Finance ministers for the Group of Seven called upon nations to implement the Financial Action Task Force standards to reduce criminals' access to and exploitation of financial services.

The statement followed a teleconference held by the G7 ministers. The statement noted that the financial services sector has become an attractive target for ransomware attacks, and financial institutions have reported increased sophistication in malicious cyber-enabled attacks in recent months.

The statement added that the coronavirus pandemic has expanded opportunities for ransomware attackers. Phishing emails using COVID-19-related subject lines or content are the latest method to get targets to click on ransomware links.

According to the G7 finance ministers, payment of ransom is subject to Anti-Money Laundering and Countering Financing of Terrorism laws and regulations. The G7 statement said that the AML/CFT obligations of financial institutions and virtual asset service providers apply to all financial activities, including payments that are indicative of ransomware.

The G7 has also imposed targeted financial sanctions on known malicious cyber actors in jurisdictions with elevated money laundering, terrorist financing, and proliferation financing risks, according to the statement. In an effort to guide coordinated action, the G7 jurisdictions said they will explore opportunities for coordinated targeted financial sanctions against ransomware operators and their facilitators and promote available technical innovations to protect cyber assets.

Additionally, the G7 encouraged companies to move beyond traditional perimeter security by implementing layered security to defend against ransomware. Companies were also encouraged to alter their internal response and recovery plans in light of the potential sanctions violations, particularly if current plans consider paying a ransom.