This news release is issued to publicise the addition of 11 entries under the Cyber Sanctions Regime but remain on the consolidated list under the Russia financial sanctions regime.
The Cyber (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/597) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of persons who are have been involved in cyber activity which undermines, or is intended to undermine, the integrity, prosperity or security of the United Kingdom or a country other than the United Kingdom; directly or indirectly causes, or is intended to cause, economic loss to, or prejudice to the commercial interests of, those affected by the activity; undermines, or is intended to undermine, the independence or effective functioning of an international organisations or a nongovernment organisation or forum whose mandate or purposes related to the governance of international sport or the Internet; or otherwise affects a significant number of persons in an indiscriminate manner. The Cyber (Sanctions) (EU Exit) Regulations 2020 (SI 2020/597) have effect in the Isle of Man by the Cyber Sanctions (Application) Regulations 2020 [SD 2020/0451].
On 7 September 2023 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
Additions
Deleted information appears in [square brackets]. Additional information appears in italics.
11 entries have been added to the consolidated list and are now subject to an asset freeze. Further information can be found in the Annex to this Notice.
What you must do
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.
Further information
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
Further details of the sanctions regime related to Cyber and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
