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Financial Sanctions: Cyber Attacks

Friday, 14 June 2019

This news release is issued to publicise a new sanctions regime introduced to respond to and deter cyber-attacks with a significant effect, which constitute an external threat.

On 17 May 2019, the Council of the European Union adopted Council Regulation (EU) 2019/796. The restrictive measures target persons and entities who are responsible cyber-attacks or attempted cyber-attacks, persons who provide financial, technical or material report in relation to such attacks, or persons associated with such people. 

The European Union (Cyber Attack Sanctions) Order 2019, applies the provisions of the EU Regulation, as modified by the Schedule to the Order, as part of the law of the Island. 

The Cyber Attack Sanctions Regulations 2019 puts in place enforcement provisions for breaches of the financial sanctions contained in the EU Regulation. 

To date no individuals or entities have been included in Annex I of the EU Regulation.

Further details of the sanctions regime related to Cyber Attacks will be published shortly. Links to the UK’s Consolidated List of Individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.

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