Banking (Foreign Exchange) Regulations:
Implementation of Sanctions Against Iraq
The Reserve Bank of Australia has today taken steps under the Banking (Foreign Exchange) Regulations to give effect to the resolution of the United Nations Security Council of 6 August 1990 imposing wide-ranging sanctions against Iraq.
From today, the buying or selling of foreign currency and the taking or sending out of Australia of Australian currency by, or the payment to non-resident accounts in Australia of, the Governments of Kuwait or Iraq, their agencies or their respective nationals will be prohibited without the specific approval of the Reserve Bank of Australia. The Reserve Bank will approve transactions with the legitimate Government of Kuwait or its agencies, or where there is evidence of genuine humanitarian needs.
Special arrangements will also be made to allow the normal activities of the Iraqi Embassy in Australia to continue unimpeded.
Applications for approval should be directed to the Manager, International Department, Reserve Bank of Australia, Sydney (Fax No. (02) 551 8000).
UPDATE: On 7 March 2012, responsibility for the administration of Australia's autonomous financial sanctions was
transferred from the RBA (under the Banking (Foreign Exchange) Regulations 1959) to the
Department of Foreign Affairs and Trade (DFAT) (under the Autonomous Sanctions Regulations 2011).
This change was announced in RBA Media Release No 2012-05. As a result, the content of this media release is no longer current and any accompanying annexes and/or attachments have been removed. For all enquiries about Australia's autonomous financial sanctions regime, including the current list of sanctioned individuals and entities, refer to the DFAT website.