MEDIA RELEASE No: 2003-03 Date: 29 May 2003 Embargo: For Immediate Release

BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST IRAQ

Following the recent adoption of Resolution 1483 by the United Nations Security Council, the Reserve Bank of Australia has, at the direction of the Commonwealth Government, taken steps under the Banking (Foreign Exchange) Regulations 1959 to revoke the financial sanctions against Iraq, effective from today.

The Security Council Resolution also imposes a number of new measures intended to facilitate Iraq's reconstruction and rehabilitation, including obligations on UN Member States to freeze any financial assets of the previous Iraqi regime and to make such assets available for a Development Fund for Iraq. Australia's obligations under Resolution 1483 are being implemented under the Iraq (Reconstruction and Repeal of Sanctions) Regulations, which commence today. Details on these Regulations are available from the website of the Department of Foreign Affairs and Trade at www.dfat.gov.au.