Banking (Foreign Exchange) Regulations 1959 - Direction Relating to Foreign Currency Transactions and to Iran - Amendment to the Annex - Variation of Exemptions - Amendment to the Annexes (14/07/2010)

BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST IRAN – AMENDMENT TO THE ANNEX

EXPLANATORY STATEMENT

The Reserve Bank of Australia, following a directive from the Australian Government under the Banking (Foreign Exchange) Regulations 1959, currently administers financial sanctions against several Iranian entities and persons not already listed by the United Nations Security Council. 

The Australian Government has reviewed the list of persons and entities subject to financial sanctions and has directed the Reserve Bank to add one new person and two new entities to the Annex of names. Details of the changes to the Annex can be found in Attachment A.

The updated Annex now contains 12 persons and 11 entities and is referred to in each of the following instruments:

(i)                 Direction relating to foreign currency transactions and to Iran (dated 13 October 2008) pursuant to regulation 5 of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2008L03785).

(ii)               Variation of Exemption (dated 13 October 2008) relating to sub-regulations 6(1) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2008L03787).

(iii)            Variation of Exemption (dated 13 October 2008) relating to sub-regulations 8(1)(a) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2008L03788).

All three instruments were originally published in the Commonwealth of Australia Gazette No. S 200, 15 October 2008. The original instruments foresaw that the Annexes may be periodically reviewed and stated that any amendments to the Annex shall be taken as being part of the original instruments as from the date of publication of the amendments in the Commonwealth of Australia Gazette. This is the first update to the Annex.

This instrument does not substantially alter the existing financial sanctions in place against Iran. As such, in accordance with Section 18 of the Legislative Instruments Act 2003, the Reserve Bank is satisfied that further consultation, beyond that already undertaken by the Treasury and Department of Foreign Affairs and Trade, is unnecessary.

ATTACHMENT A

This attachment provides details of the changes to the Iran Annex. One person and two entities have been added.

NAMES THAT HAVE BEEN ADDED:

ENTITIES THAT HAVE BEEN ADDED: