This news release is issued to publicise financial sanctions against cyber-attacks.
On 30 July 2020 Council Implementing Regulation (EU) 2020/1125 (“the Amending Regulation”) was published in the EU Official Journal. The Amending Regulation amended Annex I to Council Regulation (EU) 2019/796 so that an asset freeze now applies to the persons listed in the Annex to this news release.
Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individuals and entities. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must also report their findings to the FIU.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
Further details of the sanctions regime related to Cyber-Attacks and other other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
