Media Release Autonomous Financial Sanctions: Handover of Regulatory Responsibility from the RBA to DFAT

The Australian Government recently introduced the Autonomous Sanctions Regulations 2011 under the Autonomous Sanctions Act 2011. These Regulations give effect to a new autonomous sanctions framework in Australia and also give the Department of Foreign Affairs and Trade (DFAT) sole responsibility for the implementation and administration of Australia's autonomous sanctions. Accordingly, the Reserve Bank of Australia (RBA) will no longer play any role in the administration of autonomous sanctions.

Since the commencement of the Autonomous Sanctions Regulations 2011 on 15 December 2011, DFAT and the RBA have been working to transition Australia's targeted financial sanctions from the Banking (Foreign Exchange) Regulations 1959 to the Autonomous Sanctions Regulations 2011. The handover of regulatory responsibility has been completed today, and the new regime for autonomous financial sanctions is effective immediately. The RBA has, under direction from the Australian Government, undertaken the necessary steps to remove all autonomous financial sanctions administered under the Banking (Foreign Exchange) Regulations 1959. These RBA-administered sanctions have been replaced by new legislative instruments, which give effect to sanctions to be administered by DFAT under the Autonomous Sanctions Regulations 2011. Therefore, all enquiries about financial sanctions should now be made in writing to asset.freezing@dfat.gov.au.

DFAT has today published a media release which outlines the new arrangements. Further information is available from the DFAT website.