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 - (28/07/2011)

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 and entities subject to financial sanctions and has directed the Reserve Bank to remove from the Annex of names 17 persons who are either deceased, or deemed to be no longer working against democracy, abusing human rights or perverting the rule of law. Details of the changes to the Annex can be found in Attachment A.

The updated Annex now contains 237 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-regulation 6(1) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2006B11726).

(iii)            Variation of Exemption (dated 25 November 2002) relating to sub-regulation 8(1)(a) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2006B11729).

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 Annexes shall be taken as being part of the original instruments as from the date specified in the amendments. This is the fifth update to the Annex.

This instrument does not substantially alter the existing autonomous financial sanctions arrangements. 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. 17 persons have been removed.

NAMES THAT HAVE BEEN REMOVED: