BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST THE (FORMER) FEDERAL REPUBLIC OF YUGOSLAVIA – VARIATION OF DIRECTION AND VARIATION OF VARIATIONS OF EXEMPTION
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 and entities associated with the former government of the Federal Republic of Yugoslavia.
The Australian Government has directed the Reserve Bank to remove the measures which prohibit certain financial transactions involving the Embassy of the Federal Republic of Yugoslavia, the Consulate-General of the Federal Republic of Yugoslavia, and Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie). The list of individuals associated with the former government of the Federal Republic of Yugoslavia who are subject to financial sanctions remains unchanged.
The following instrument has been used to implement these changes:
Variation of Direction Relating to Foreign Currency Transactions and to the Federal Republic of Yugoslavia – Variation of Variations of Exemption (dated 4 July 2008).
This instrument comes into operation on 9 July 2008.
The Australian Government has advised that the measures prohibiting certain financial transactions involving the above institutions are now redundant. 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.