EXPLANATORY NOTE
(This note is not part of the Order)
This Order gives effect in all Overseas Territories except Bermuda and Gibraltar (which implement sanctions through their own domestic legislation) to the sanctions regime created by the European Union in Council Decision (CFSP) 2019/797 of 17th May 2019 concerning restrictive measures against cyber-attacks threatening the Union or its Member States and in Council Regulation (EU) 2019/796 of 17th May 2019 concerning restrictive measures against cyber-attacks threatening the Union or its Member States.
The sanctions imposed include an asset-freeze on persons designated by the Council of the European Union as persons who are responsible for cyber-attacks or attempted cyber-attacks, who provide financial, technical or material support for, or are otherwise involved in, cyber-attacks or attempted cyber-attacks, as well as persons associated with such persons.
The Order provides for certain exceptions to the sanctions regime, for example to allow for frozen accounts to be credited with interest or other earnings. It also makes provision for the Governor of the relevant Overseas Territory to license certain activities that would otherwise be prohibited under the financial sanctions in line with exemptions and derogations under the sanctions regime.
The Order makes it a criminal offence to contravene, or circumvent, the financial sanctions imposed and prescribes the modes of trial and penalties that apply to such offences. The Order also confers powers on authorised officers in relation to the enforcement of the sanctions imposed.
An Impact Assessment has not been prepared for this instrument because there is no, or no significant, impact on business in the United Kingdom.