Media Release Banking (Foreign Exchange) Regulations 1959
Sanctions Against Iraq

Following the recent adoption of Resolution 1483 by the United Nations Security Council, the Reserve Bank of Australia has, at the direction of the Commonwealth Government, taken steps under the Banking (Foreign Exchange) Regulations 1959 to revoke the financial sanctions against Iraq, effective from today.

The Security Council Resolution also imposes a number of new measures intended to facilitate Iraq's reconstruction and rehabilitation, including obligations on UN Member States to freeze any financial assets of the previous Iraqi regime and to make such assets available for a Development Fund for Iraq. Australia's obligations under Resolution 1483 are being implemented under the Iraq (Reconstruction and Repeal of Sanctions) Regulations, which commence today. Details on these Regulations are available from the website of the Department of Foreign Affairs and Trade at

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. For all enquiries about Australia's autonomous financial sanctions regime, including the current list of sanctioned individuals and entities, refer to the DFAT website.


Manager, Media Office
Reserve Bank of Australia
(02) 9551 9720