BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST ZIMBABWE – 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 certain individuals associated with the Government of Zimbabwe. The list of individuals subject to sanctions includes ministers and senior officials of the Government of Zimbabwe, as well as senior management of state-owned enterprises of Zimbabwe.
The Australian Government has reviewed the list of individuals subject to financial sanctions and has directed the Reserve Bank to remove 57 individuals and add 15 new individuals to the Annex of names. Details of the changes to the Annex can be found in Attachment A.
The updated Annex now contains 159 names and is referred to in each of the following instruments:
(i) Direction relating to foreign currency transactions and to Zimbabwe (dated 25 November 2002) pursuant to regulation 5 of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number 2005B04259).
(ii) Variation of Exemption (dated 25 November 2002) relating to sub-regulations 6(1) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number 2005B04527).
(iii) Variation of Exemption (dated 25 November 2002) relating to sub-regulations 8(1)(a) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number 2005B04538).
All three instruments were originally published in the Commonwealth of Australia Gazette No. GN 49, 11 December 2002. 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. The original Annex was first updated by an instrument published on 30 November 2005 (FRLI reference number F2005L03697). This is the second update to the Annex.
This instrument does not substantially alter the existing financial sanctions in place against Zimbabwe. 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.