Banking (Foreign Exchange) Regulations 1959
Sanctions Against Syria and Libya – Amendments to the Annexes
The Reserve Bank of Australia has been directed by the Australian Government to take steps under the Banking (Foreign Exchange) Regulations 1959 to amend the lists of persons and entities in or associated with Syria and Libya subject to Australian autonomous financial sanctions. A list of the amendments is contained in Attachment A.
The existing autonomous targeted financial sanctions against Syria have been expanded to cover an additional eight key persons and six entities responsible for, or involved in, human rights abuses. The updated Syria Annex now contains a total of 34 persons and 13 entities.
The existing autonomous targeted financial sanctions against Libya have been amended to remove from the list eight entities following the effective removal of the Qadhafi regime from power, and therefore the regime's control of these entities. The updated Libya Annex now contains a total of 35 persons and 12 entities.
Specific transactions involving the dealing of funds by the order of, on behalf of, or for the benefit of, any person or entity listed in the updated Syria Annex or Libya Annex are prohibited.
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 As a result, the content of this media release is no longer current and any accompanying annexes and/or attachments have been removed.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.