BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST NORTH KOREA
EXPLANATORY STATEMENT
The Australian Government has requested that the Reserve Bank of Australia, under the Banking (Foreign Exchange) Regulations 1959, implement financial sanctions against certain entities and an individual associated with the Democratic People’s Republic of Korea. Details of these twelve entities and one individual are contained in Attachment A.
The following instruments have been used to implement these financial sanctions:
(i) Direction relating to foreign currency transactions and to North Korea (dated 19 September 2006), pursuant to regulation 5 of the Banking (Foreign Exchange) Regulations 1959.
(ii) Variation of Exemption (dated 19 September 2006), which varies the Exemption (dated 29 June 1990) relating to sub-regulation 6(1) of the Banking (Foreign Exchange) Regulations 1959.
(iii) Variation of Exemption (dated 19 September 2006), which varies the Exemption (dated 29 June 1990) relating to sub-regulation 8(1)a of the Banking (Foreign Exchange) Regulations 1959.
These instruments each come into operation on 19 September 2006.
The Reserve Bank has been advised that these instruments are required as a matter of urgency. As such, in accordance with Section 18 of the Legislative Instruments Act 2003, the Reserve Bank is satisfied that consultation beyond that already undertaken by Treasury and the Department of Foreign Affairs and Trade is unnecessary.
ATTACHMENT A
This Attachment relates to the direction pursuant to Regulation 5, and the Variations of Exemption pursuant to sub‑regulation 6(1) and 8(1)(a) of the Banking (Foreign Exchange) Regulations 1959, each dated 19 September 2006.
Tanchon Commercial Bank (f.k.a. Korea Changgwang Credit Bank; a.k.a. Changgwang Credit Bank), Saemul 1-Dong Pyongchon District, Pyongyang, North Korea
Korea Mining Development Trading Corporation (a.k.a. External Technology General Corporation; a.k.a. Changgwang Sinyong Corporation; a.k.a. North Korean Mining development Trading Corporation; a.k.a. “KOMID”), Central District, Pyongyang, North Korea
Hesong Trading Corporation, Pyongyang, North Korea
Tosong Technology Trading Corporation, Pyongyang, North Korea
Korea Ryonbong General Corporation (a.k.a. Korea Yonbong General Corporation; f.k.a. Lyongaksan General Trading Corporation), Pothonggang District, Pyongyang, North Korea; Rakwon-dong, Pothonggang District, Pyongyang, North Korea
Korea International Chemical Joint Venture Company (a.k.a. Chosun International Chemicals Joint Operation Company; a.k.a. International Chemical Joint Venture Corporation; a.k.a. Choson International Chemicals Joint Operation Company), Hamhung, South Hangyong Province, North Korea; Mangyongdae-kuyok, Pyongyang, North Korea; Mangyungdae-gu, Pyongyang., North Korea
Korea Ryonha Machinery Joint Venture Corporation (a.k.a. Korea Ryenha Machinery J/V Corporation; a.k.a. Chosun Yunha Machinery Joint Operation Company; a.k.a. Ryonha Machinery Joint Venture Corporation), Central District, Pyongyang, North Korea; Mangyungdae-gu, Pyongyang, North Korea; Mangyongdae District, Pyongyang, North Korea
Korea Complex Equipment Import Corporation, Rakwon-dong, Pothonggang District, Pyongyang, North Korea
Korea Kwangsong Trading Corporation, Rakwon-dong, Pothonggang District, Pyongyang, North Korea
Korea Pugang Trading Corporation, Rakwon-dong, Pothonggang District, Pyongyang, North Korea
Korea Ryongwang Trading Corporation (a.k.a. Korea Ryengwang Trading Corporation), Rakwon-dong, Pothonggang District, Pyongyang, North Korea
Kohas AG, Route des Arsenaux 15, Fribourg, FR 1700, Switzerland; C.R. No. CH-217.0.135.79-4 (Switzerland)
Jacob Steiger: ADDRESS c/o Kohas AG, Fribourg, FR, Switzerland; DOB 27 April 1941; POB Altstatten, SG, Switzerland
19 September 2006