Financial Sanctions
Last updated: 7 July 2009
The Reserve Bank of Australia administers financial sanctions on behalf of the Australian Government. Information about the implementation of autonomous and UNSC sanctions in Australia is also available on DFAT’s website.
United Nations Security Council Sanctions
The Department of Foreign Affairs and Trade (DFAT) has responsibility for implementing legislation giving effect to sanctions-related decisions of the United Nations Security Council (UNSC), including with respect to the freezing of terrorist assets.
Australian Autonomous Financial Sanctions
The Reserve Bank administers financial sanctions implemented via the Banking (Foreign Exchange) Regulations 1959. The sanctions are implemented by varying the existing exemptions to Regulations 5, 6(1) and 8(1)(a). The various legislative instruments used to implement the sanctions are published in the Australian Government Gazette (links provided below) and can also be found on the ComLaw website. The sanctions are aimed at prohibiting international funds transfers and other transactions using foreign currency involving sanctioned persons and entities listed in annexes to the legislative instruments, without the specific pre-approval of the Reserve Bank. Transactions involving persons or entities suspected of matching persons or entities on the sanctions lists should be referred to the Reserve Bank at sanctions@rba.gov.au
Restrictions currently apply to certain financial transactions relating to the following:
Go To
- Supporters of the former government of the Federal Republic of Yugoslavia
- Ministers and senior officials of the Government of Zimbabwe
- Certain entities associated with the Democratic People’s Republic of Korea (North Korea)
- Individuals associated with the Burmese regime
- Certain Iranian entities and persons not already listed by the United Nations Security Council
A consolidated list of all persons and entities subject to financial sanctions administered by the Reserve Bank of Australia is available in Excel format.
Supporters of the former government of the Federal Republic of Yugoslavia
Transactions involving the transfer of funds or payments to, by the order of, or on behalf of specified supporters of the former Milosevic regime are prohibited without the specific approval of the Reserve Bank of Australia.
For further information, refer to:
- RBA Media Release No. 2009-13, 10 June 2009 (current)
- RBA Media Release No. 2008-11, 9 July 2008
- RBA Media Release No. 2007-18, 10 October 2007
- RBA Media Release No. 2001-21, 17 October 2001
Legislative instruments published in the Commonwealth of Australia Gazette:
No. S 101, 10 June 2009, pages 1–8; and
No. GN 27, 9 July 2008, page 1970; and
No. GN 40, 10 October 2007, pages 2741–2748;
and
No. GN 20, 22 May 2002, pages 1488–1491; and
No. GN 42, 24 October 2001, pages 3292–3296.
Ministers and senior officials of the Government of Zimbabwe
Transactions involving the transfer of funds or payments to, by the order of, or on behalf of specified ministers and senior officials of the Government of Zimbabwe, as well as others associated with the Mugabe regime in Zimbabwe, are prohibited without the specific approval of the Reserve Bank of Australia.
For further information, refer to:
- RBA Media Release No. 2008-30, 23 December 2008 (current)
- RBA Media Release No. 2007-10, 20 June 2007
- RBA Media Release No. 2006-01, 5 April 2006
- RBA Media Release No. 2005-15, 30 November 2005
- RBA Media Release No. 2002-20, 25 November 2002
Legislative instruments published in the Commonwealth of Australia Gazette:
No. S 288, 24 December 2008, pages 1–12; and
No. GN 24, 20 June 2007, pages 1639–1647; and
No. GN 13, 5 April 2006, pages 811–818; and
No. GN 47, 30 November 2005, pages 2947–2952; and
No. GN 49, 11 December 2002, pages 3407–3418.
Certain entities associated with the Democratic People's Republic of Korea (North Korea)
Transactions involving the transfer of funds or payments to, by the order of, or on behalf of certain entities associated with the Democratic People's Republic of Korea are prohibited without the specific approval of the Reserve Bank of Australia.
For further information, refer to:
Legislative instruments published in the Commonwealth of Australia Gazette:
No. S 176, 19 September 2006, pages 1–6.
Individuals associated with the Burmese regime
Transactions involving the transfer of funds or payments to, by the order of, or on behalf of specified Burmese regime figures and supporters are prohibited without the specific approval of the Reserve Bank of Australia.
For further information, refer to:
- RBA Media Release No. 2008-23, 22 October 2008 (current)
- RBA Media Release No. 2007-19, 24 October 2007
Legislative instruments published in the Commonwealth of Australia Gazette:
No. GN 42, 22 October 2008, pages 2686–2702; and
No. GN 42, 24 October 2007, pages 2892–2945.
Certain Iranian entities and persons not already listed by the United Nations Security Council
Transactions involving the transfer of funds, or payments to, by the order of, or on behalf of specified Iranian entities and persons are prohibited without the specific approval of the Reserve Bank of Australia.
For further information, refer to:
Legislative instruments published in the Commonwealth of Australia Gazette:
No. S 200, 15 October 2008, pages 1–6.
Notification Service
To be notified by e-mail of changes to the autonomous financial sanctions administered by the Reserve Bank of Australia or to report transactions that potentially involve sanctioned persons and entities, please contact sanctions@rba.gov.au