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April 2, 2015

02 April 2015

New U.S. Sanctions Program Targets Malicious Foreign-Origin Cyber Activities

Yesterday, the United States established a new sanctions program designed to deter and financially target foreign parties who engage in, support or profit from “significant malicious cyber-enabled activities.” Declaring a national emergency, President Barack Obama issued an executive order authorizing the Secretary of the Treasury, in consultation with the Attorney General and Secretary of State, to identify as Specially Designated Nationals and Blocked Persons (SDNs) cyber-actors whose activities significantly harm the national security, foreign policy or economic health or financial stability of the United States. The U.S. government has not yet designated any parties under this new sanctions program. Once parties are so designated, U.S. companies must cease doing business with them and report any blocked property to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).

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