INTERNATIONAL FINANCIAL SANCTIONS AND CASH REPORTING

Last updated: 22 October 2008

Sanctions

(i) Australian Autonomous Financial Sanctions

The RBA administers sanctions implemented via the Banking (Foreign Exchange) Regulations 1959. Restrictions currently apply to certain financial transactions relating to the following:

• Supporters of the former government of the Federal Republic of Yugoslavia
• Ministers and senior officials of the Government of Zimbabwe
• Certain entities associated with the Democratic People’s Republic of Korea (North Korea)
• Individuals associated with the Burmese regime
• Certain Iranian entities and persons not already listed by the United Nations Security Council

(ii) United Nations Security Council Sanctions

The Department of Foreign Affairs and Trade (DFAT) has responsibility for implementing legislation giving effect to sanctions-related decisions of the United Nations Security Council (UNSC), including with respect to the freezing of terrorist assets.

Information about the implementation of autonomous and UNSC sanctions in Australia is available on DFAT’s website.

Cash Reporting

The Financial Transaction Reports Act 1988 (FTR Act) requires members of the general public to report the carrying or sending of A$10,000 or more in currency (i.e. coin and paper money of Australia or of a foreign country) into or out of Australia to the Australian Transaction Reports and Analysis Centre (AUSTRAC). Reporting forms for this purpose are available from Australian customs authorities at air and sea ports, or from AUSTRAC itself. There is no limit to the amount of currency which can be carried or sent; the FTR Act merely requires these movements of currency to be reported if the amount totals A$10,000 or more.