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Published on November 19th, 2021 📆 | 3303 Views ⚑

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U.S. And Israel Create Joint Task Force On FinTech And Cybersecurity – Technology

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U.S. And Israel Create Joint Task Force On FinTech And Cybersecurity

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The U.S. Department of the Treasury and Israel’s Ministry of
Finance entered into a bilateral partnership aimed
at safeguarding critical financial infrastructure and countering
ransomware threats. This announcement coincided with the creation
of the U.S.-Israeli Task Force on FinTech Innovation and
Cybersecurity.

Deputy Treasury Secretary Wally Adeyemo and his Israeli
counterparts stated that the joint effort will be committed to
supporting robust FinTech innovation while combating state and
criminal cyber actors. As an initial step, the Task Force will
develop a Memorandum of Understanding to support (i) permitted
information sharing with respect to the financial sector, including
cybersecurity information, (ii) training and “study
visits” to encourage cooperation in the area of cybersecurity
and the financial system, and (iii) activities designed to promote
cybersecurity competency-building efforts (e.g.,
cross-border exercises “linked to global financial
institutions financial and investment flows”).

Treasury also stated that the Task Force will provide a series
of “expert technical exchanges” designed to foster
FinTech innovation that can include robust cybersecurity
protections and improve compliance with AML, counterterrorist
financing, and countering the financing of proliferation. These
exchanges will look at how cyber analytics and FinTech firms are
“mitigat[ing] illicit finance risk and . . . enhanc[ing]
public sector analytical and enforcement activities.”

Mr. Adeyemo said that “increased information exchanges,
joint work, and collaboration on policy, regulation, and
enforcement are critical” to meeting economic and national
security objectives. Treasury noted that this expanded cooperation
builds on a “long-standing relationship” with
Israel’s Ministry of Finance and is connected to the Biden
Administration’s ongoing effort to counter the ransomware threat.

Primary Sources

  1. Treasury Press Release: U.S. Department of the
    Treasury Announces Partnership with Israel to Combat
    Ransomware

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