As cybercrime spreads in its many mutations, governments and regulators across the globe continue to develop a variety of solutions. One regulatory method that has gained in popularity and sophistication in recent years is the financial response to cybercrime. The United States in particular has explored financial sanctions at the “front end,” to deprive cybercriminals of access to financial channels, and financial penalties at the “back end,” particularly asset forfeiture, to recover the proceeds of criminal activity.
Now a partner at O’Melveny and a leader in the White Collar and Data Privacy practices, Ron Cheng spent 20 years as a federal prosecutor, serving in a number of roles at the Department of Justice, most recently as a key member of the Cybercrime and Intellectual Property Crimes Section at the U.S. Attorney’s Office in Los Angeles, where he has focused on criminal activity arising out of the Asia-Pacific.
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As the U.S. reexamines its trade policy, commentators following U.S.-China affairs have noted an important area that has not received as much attention as the bilateral trade in goods but may one day rival it: the digital economy. Although U.S. exports of information and communication technology-related services to China totaled $12.8 billion in 2015, e-commerce sales in China were estimated to be $672 billion in 2014 (double that of the United States).
While transnational cybercrime has played a part in the U.S-China relationship for some time, the issue assumed a high profile during the September 2015 U.S.-China summit discussions that led to the U.S.-China High-Level Joint Dialogue on Cybercrime and Related Issues.