Federal Register of Legislation - Australian Government

Primary content

Directions/Other as made
This instrument prohibits foreign exchange transactions in Australia, or involving Australian residents outside of Australia, that are in some way related to certain persons associated with the Democratic People's Republic of Korea.
Administered by: Treasury
Registered 19 Sep 2006
Tabling HistoryDate
Tabled HR09-Oct-2006
Tabled Senate09-Oct-2006
Date of repeal 07 Mar 2012
Repealed by Banking (Foreign Exchange) Regulations 1959 - Revocation of Variations of Exemption and Direction Relating to Foreign Currency Transactions - North Korea (22/02/2012)
Repealing Comments Revocations commence on the commencment of the Autonomous Sanctions (Designated and Declared Persons - North Korea) List 2012
This Legislative Instrument has been subject to a Motion to Disallow:
Motion Date:
30-Nov-2006
Expiry Date:
22-Mar-2007
House:
Senate
Details:
Full
Resolution:
Withdrawn
Resolution Date:
26-Feb-2007
Resolution Time:
Provisions:

BANKING (FOREIGN EXCHANGE) REGULATIONS 1959

DIRECTION RELATING TO FOREIGN CURRENCY TRANSACTIONS
AND TO
NORTH KOREA

The Reserve Bank of Australia pursuant to Regulation 5 of the Banking (Foreign Exchange) Regulations 1959 hereby directs that:

1.             a person must not, either on the person’s own behalf or on behalf of another person, buy, borrow, sell, lend or exchange foreign currency in Australia, or otherwise deal with foreign currency in any other way in Australia;

2.             a resident, or a person acting on behalf of a resident, must not buy, borrow, sell, lend or exchange foreign currency outside Australia, or otherwise deal with foreign currency in any other way outside Australia;

3.             a person must not be a party to a transaction, being a transaction that takes place in whole or in part in Australia or to which a resident is a party, that has the effect of, or involves, a purchase, borrowing, sale, loan or exchange of foreign currency, or otherwise relates to foreign currency

where the transaction relates to property, securities or funds owned or controlled directly or indirectly by, or otherwise relates to payments directly or indirectly to, or for the benefit of any person listed in the Annex to this direction.

The Annex to this direction may be amended from time to time.  Any such amendment shall be taken as being part of this direction as from the date specified in the amendment.

This instrument comes into operation on 19 September 2006.

Dated this nineteenth day of September 2006.

For and on behalf of the Reserve Bank of Australia,

 

 

Glenn Stevens

Governor

 


ANNEX

NORTH KOREA

This is the Annex referred to in the direction dated 19 September 2006, pursuant to Regulation 5 of the Banking (Foreign Exchange) Regulations 1959.

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