Media Release Changes to Financial Sanctions

The Reserve Bank took action at the direction of the Commonwealth Government under the Banking (Foreign Exchange) Regulations 1959 on 3 October, 17 October and 9 November 2001 to prohibit transactions involving persons or entities identified by the United Nations and United States as being linked to terrorism.

These measures have now been superseded by the Charter of the United Nations (Anti-terrorism Measures) Regulations 2001, made under the Charter of the United Nations Act 1945. The anti-terrorism measures under the Banking (Foreign Exchange) Regulations 1959 are no longer required, and have been revoked as from today.

Accounts of persons and entities identified by the Minister for Foreign Affairs as being associated with terrorism remain frozen, and transactions with these persons and entities prohibited, under the Charter of the United Nations (Anti-terrorism Measures) Regulations 2001. Details on these Regulations, and the lists of persons and entities proscribed in terms of the Regulations, are available on the website of the Department of Foreign Affairs and Trade at www.dfat.gov.au/icat/.

As a separate matter, following a direction from the Commonwealth Government, the Reserve Bank has also taken steps under the Banking (Foreign Exchange) Regulations 1959 to remove Australia's financial sanctions against the Government of Libya, with effect from today.