Media Release Australian Financial Controls on Terrorists and their Sponsors
The Reserve Bank of Australia has been directed by the Commonwealth Government to take steps under the Banking (Foreign Exchange) Regulations to block any accounts which might be held in Australia by persons or organisations identified by the United Nations and the US as terrorists or their sponsors. This action is part of the Commonwealth Government's response to the United Nations Resolution on this matter and to President Bush's request to countries to support measures being taken by the United States against terrorists and their sponsors. It builds upon the existing sanctions against the Taliban, which have been in place since December 1999.
With effect from today, the Reserve Bank has taken action to block any accounts that might exist in the names listed below. It has prohibited transactions involving the transfer of funds or payments to, by the order of, or on behalf of the following entities:
- Osama bin Laden;
- the Al-Qaida organisation; and
- any other person or entity listed in the Annex.
The Reserve Bank has also written to financial institutions asking them to inform it of the existence of any of the specified accounts.
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 As a result, the content of this media release is no longer current and any accompanying annexes and/or attachments have been removed.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.