Banking (Foreign Exchange) Regulations 1959 - Direction Relating to Foreign Currency Transactions and to Zimbabwe - Amendment to the Annex; Variation of Exemptions - Amendment to the Annexes (23/12/2008)

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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 persons and entities associated with the Mugabe regime in Zimbabwe. 

The Australian Government has reviewed the list of persons subject to financial sanctions and has directed the Reserve Bank to remove 4 persons and add 75 new persons and 4 entities to the Annex of names. Amendments have also been made to 16 entries on the previous list. Details of the changes to the Annex can be found in Attachment A.

The updated Annex now contains 254 persons and 4 entities 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 F2006B11724).

(ii)               Variation of Exemption (dated 25 November 2002) relating to sub-regulations 6(1) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number 2006B11726).

(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 2006B11729).

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 updated by an instrument published on 30 November 2005 (FRLI reference number F2005L03697), an instrument published on 5 April 2006 (FRLI reference number F2006L00918) and an instrument published on 20 June 2007 (FRLI reference number F2007L01784). This is the fourth 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.


ATTACHMENT A

 

This attachment provides details of the changes to the Zimbabwe Annex, as per RBA Media Release 2008-30 (23 December 2008). 75 persons and 4 entities have been added, 4 persons have been removed, and amendments have been made to 16 entries on the previous list.

 

PERSONS THAT HAVE BEEN ADDED:

 

ABU BASUTU, Titus M. J., Air Vice Marshal

 

BONYONGWE, Willa or Willia, Chair Securities Commission

 

BVUTE, Ozias, CEO / Managing Director of Zimbabwe Cricket

 

CHAIRUKA, Annie Flora Imagine

 

CHAPFIKA, Abina, DOB 23/07/1961

 

CHARAMBA, Rudo Grace, DOB 20/06/1964

 

CHAWE, McLoud

 

CHIDARIKIRE, Faber, Governor of Mashonaland West

 

CHIHURI, Isobel or Isabel Halima, DOB 14/04/74

 

CHIMEDZA, Paul, Dr

 

CHINAMASA, Monica, DOB 1950

 

CHINGOKA, Peter, Head of Zimbabwe Cricket

 

CHIPWERE, Augustine, Colonial

 

CHIREMBA, Mirirai, RBZ Financial Intelligence Unit Chief

 

CHIVAMBA, Kizito, ZANU-PF Provincial Chair, Midlands

 

CHIWENGA, Jocelyn Mauchaza, DOB 19/5/1955

 

CHOMBO, Ever, DOB 20/9/1956

 

CHOMBO, Marian, DOB 11/9/1960

 

CHURU, Zvinechimwe, CEO, NOCZIM

 

DINHA, Advocate Martin, Governor of Mashonaland Central

 

GONO, Hellin Mushanyuri, DOB 6/5/1962

 

GOWO, Alois, A/g CEO, ZISCO

 

GURIRA, Cephas T., Colonel

 

GWEKWERERE, Stephen, Colonel

 

HUNI, Munyaradzi, “Zimbabwe Herald” journalist

 

JANGARA, Thomsen Toddie, ZRP Chief Superintendent for Harare South

 

KACHEPA, Newton, MP elect for Mudzi North

 

KARAKADZI, Mike Tichafa, Air Vice Marshal

 

KEREKE, Munyaradzi, Principal Advisor to RBZ Governor Gideon Gono

 

KHUMALO, Sibangumuzi M. (Sixton), Brigadier General

 

KWAINONA, Martin, Assistant Commissioner, Zimbabwe Police

 

KWENDA, R., Major

 

MABUNDA, Musarahana, Assistant Police Commissioner, Officer Commanding Law and Order division

 

MADE, Patricia A

 

MANDIZHA, Albert, General Manager, Grain Marketing Board

 

MASANGO, Clemence, Chief Immigration Officer

 

MASHAVA, G., Colonel

 

MHANDU, Cairo (or Kairo), Major, Zimbabwe National Army

 

MHONDA, Fidellis, Colonel

 

MOMBESHORA, Millicent, Division Chief, Head of strategic planning and special projects, Reserve Bank of Zimbabwe (RBZ)

 

MOYO, Gilbert

 

MOYO, Sibusio Bussie, Brigadier General, Zimbabwe National Army

 

MPABANGA, S., Lt. Col.

 

MSIPA, Sharlottie, DOB 6/5/1936

 

MUCHENA, Henry, Air Vice Marshal

 

MUCHONO, C., Lt. Col

 

MUDONHI, Columbus, Assistant Inspector, Zimbabwe Police

 

MUDZVOVA, Paul, Sergeant

 

MUGARIRI, Bothwell, Senior Assistant Police commissioner, Officer Commanding Harare Province

 

MUMBA, Isaac, Superintendent Zimbabwe Police

 

MUTASA, Gertrude, Colonel

 

MUTSVUNGUMA, S., Colonel

 

MZILIKAZI, Morgan, Colonel

 

NDLOVU, Lindela, Professor

 

NDLOVU, Rose Jaele, DOB 27/9/1939

 

NKOMO, Georgina Ngwenya, DOB 4/8/1966

 

NKOMO, Louise S (a.k.a. NHEMA, Louise Sehulle), DOB 25/8/1964

 

NYAWANI, Misheck

 

NYONI, Peter Baka, DOB 10/1/1950

 

PARIRENYATWA, Choice

 

PATEL, Bharat, Acting Attorney-General

 

RANGWANI, Dani, Detective Inspector

 

RAUTENBACH, Conrad Muller (aka Billy)

 

RUGEJE, Engelbert Abel, Major General

 

RUNGANI, Victor T.C., Colonel

 

RUWODO, Richard, Brigadier General (retired), former acting Permanent Under Secretary at Ministry of Defence

 

SEKERAMAYI, Tsitsi Chirhuri, DOB 1944

 

SIBANDA, Chris, Colonel

 

SIGAUKE, David, Brigadier

 

SHUNGU, Etherton Shungu, Brigadier

 

TAKAVARASHA, Tobias, Dr, CEO, Agriculture and Rural Development Authority

 

TARUMBWA, Nathaniel Charles, Brigadier

 

VETERAI, Edmore, Senior Assistant Police Commissioner, Officer Commanding Harare

 

ZHUWAO, Beauty Lily, DOB 10/1/1965

 

ZVAYI, Caesar, Political and Features Editor, Herald

 

Total: 75

 

 

ENTITIES THAT HAVE BEEN ADDED:

 

Cold Comfort Farm Trust Co-Operative, 7 Cowie Road, Tynald, Harare

 

Jongwe Printing and Publishing Company, 14 Austin Coventry Rd, Workington, Harare, PO Box 5988, ZANU-PF's publishing arm

 

ZIDCO Holdings (a.k.a. Zidco Holdings (PVT) Ltd, PO Box 1275, Harare

 

Zimbabwe Defence Industries (PVT) Ltd, 10th floor, Trustee House, 55 Samora Machel Ave, Harare, PO Box 6597, Harare

 

Total: 4

 

 

PERSONS THAT HAVE BEEN REMOVED:

 

DABENGWA, Dumiso, Former ZANU-PF Politburo Committee Member, DOB 06/12/1939

 

MAKONI, Simbarashe, Former ZANU-PF Politburo Deputy Secretary-General for Economic Affairs

 

MANYIKA, Elliott Tapfumanei, Minister without Portfolio and Zanu-PF Politburo Secretary for Commissariat

 

MUTYAMBIZI, Charles, Chair, Zimbabwe National Roads Administration (ZINARA)

 

Total: 4

 

 

 

ENTRIES THAT HAVE BEEN AMENDED:

 

CHIGUDU, Tinaye Elisha, DOB 13/08/1942, former Provincial Governor, Manicaland

 

CHIGWEDERE, Aeneas Soko, DOB 25/11/1939, Provincial Governor, Mashonaland East, Former Minister of Education, Sports and Culture

 

CHIHURI, Augustine, DOB 10/03/1953, Police Commissioner-General

 

CHIKAURA, Charles, DOB 08/08/1955, CEO, Zimbabwe Development Bank, Chairman, Grain Marketing Board

 

CHIWEWE, Willard, DOB 19/03/1949, former Provincial Governor, Masvingo

 

GULA-NDEBELE, Sobuza, DOB 12/08/1954, former Attorney-General

 

KAUKONDE, Ray Joseph, DOB 04/03/1963, former Provincial Governor of Mashonaland East

 

MACHAYA, Jaison Max Kokerai, DOB 13/6/1952, Provincial Governor, Midlands, former Deputy Minister of Mines and Mining Development

 

MAKWAVARARA, Sekesai, former Mayor of Harare (Zanu-PF)

 

MALULEKE, Titus Hatlani, Provincial Governor, Masvingo, former Deputy Minister of Education, Sport and Culture

 

MASAWI, Ephraim Sango, former Provincial Governor,Mashonaland Central, ZANU-PF Politburo Deputy Secretary for Information and Publicity

 

MSIPA, Cephas George, DOB 07/07/1931, former Provincial Governor, Midlands

 

MUSHOHWE, Christopher Chindoti, DOB 06/02/1954, Provincial Governor, Manicaland, former Minister of Transport and Communication

 

NDLOVU, Sikhanyiso Duke, DOB 04/05/1937, former Minister for Information and Publicity, Zanu-PF Politburo Secretary for Education (former Deputy Minister for Higher and Tertiary Education)

 

NKOMO, John Landa, DOB 22/08/1934, former Speaker of Parliament, Chairman of ZANU-PF

 

SAMKANGE, Nelson Tapera Crispin, former Provincial Governor, Mashonaland West

 

Total: 16

 

 

 

Overview

The Banking (Foreign Exchange) Regulations 1959, enacted by the Parliament of Australia, were established to regulate foreign exchange transactions within Australia and to provide a framework for implementing sanctions against specific individuals and entities, particularly those involved in activities contrary to Australian foreign policy objectives. In this context, the Australian Government has directed the Reserve Bank of Australia to administer financial sanctions against persons and entities associated with the Mugabe regime in Zimbabwe. The Banking (Foreign Exchange) Regulations 1959 Sanctions Against Zimbabwe – Amendment to the Annex was introduced to update the list of individuals and entities subject to these sanctions, reflecting current political and economic conditions in Zimbabwe. The amendments involve adding 75 new individuals and 4 entities, removing 4 individuals, and modifying 16 entries on the existing list. This update to the Annex, published in accordance with Section 18 of the Legislative Instruments Act 2003, ensures the sanctions remain effective and relevant.

Scope and Application

The Banking (Foreign Exchange) Regulations 1959, administered by the Reserve Bank of Australia, govern financial sanctions against specific individuals and entities associated with the Mugabe regime in Zimbabwe. The regulation applies to the named individuals and entities listed in the Annex, which is periodically updated by the Australian Government. The updated Annex, which includes 254 persons and 4 entities, is incorporated into three instruments: Direction relating to foreign currency transactions and to Zimbabwe, and two variations of Exemptions. The geographic reach of these regulations is national, as they are part of the Commonwealth of Australia's legislative framework. This instrument represents the fourth update to the Annex, following previous updates in 2005, 2006, and 2007. The current amendments include the addition of 75 new persons and 4 entities, the removal of 4 persons, and amendments to 16 entries on the previous list. The changes are intended to reflect the evolving situation in Zimbabwe and are based on directives from the Australian Government. The Reserve Bank of Australia has determined that further consultation beyond that already undertaken by the Treasury and the Department of Foreign Affairs and Trade is unnecessary, as the changes do not substantially alter the existing financial sanctions in place.

Key Provisions

The Banking (Foreign Exchange) Regulations 1959 (Regulations) under the direction of the Australian Government, currently administer financial sanctions against certain persons and entities associated with the Mugabe regime in Zimbabwe. These sanctions have been updated to remove 4 persons and add 75 new persons and 4 entities to the Annex of names, and amendments have been made to 16 entries on the previous list. The updated Annex now contains 254 persons and 4 entities, and these amendments are considered to be part of the original instruments as from the date of publication of the amendments in the Commonwealth of Australia Gazette. The Regulations impose obligations on the Reserve Bank of Australia to administer these financial sanctions and to ensure that they are enforced in accordance with the Australian Government's directives. The Reserve Bank must ensure that any transactions involving the listed persons or entities are prohibited unless authorised by a licence issued under the Regulations. The Regulations also require the Reserve Bank to update the Annex periodically, as directed by the Australian Government. Failure to comply with the Regulations may result in civil or criminal penalties. For example, under section 21 of the Banking Act 1959, a person who contravenes a direction issued under the Regulations may be guilty of an offence and liable to a penalty of up to 500 penalty units (currently AUD 50,000) for an individual and up to 5,000 penalty units (currently AUD 500,000) for a body corporate. In addition, under section 13 of the Crimes Act 1914, a person who wilfully obstructs or hinders an authorised officer in the execution of their duties under the Regulations may be guilty of an offence and liable to a penalty of up to 2,000 penalty units (currently AUD 200,000) for an individual and up to 10,000 penalty units (currently AUD 1,000,000) for a body corporate. In summary, the Banking (Foreign Exchange) Regulations 1959 impose obligations on the Reserve Bank of Australia to administer financial sanctions against certain persons and entities associated with the Mugabe regime in Zimbabwe. Failure to comply with the Regulations may result in civil or criminal penalties, including fines of up to 500 penalty units for individuals and 5,000 penalty units for bodies corporate for contravening a direction issued under the Regulations, and fines of up to 2,000 penalty units for individuals and 10,000 penalty units for bodies corporate for obstructing or hindering an authorised officer in the execution of their duties under the Regulations.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.