Federal Register of Legislation - Australian Government

Primary content

Directions/Other as made
This Direction amends the Banking (Foreign Exchange) Regulations 1959 - Direction Relating to Foreign Currency Transactions and to Libya (04/03/2011), the Banking (Foreign Exchange) Regulations 1959 - Variation of Exemption (sub-regulation 6(1)) - Libya (04/03/2011) and the Banking (Foreign Exchange) Regulations 1959 - Variation of Exemption (sub-regulation 8(1)(a)) - Libya (04/03/2011) by substituting a new Annex.
Administered by: Treasury
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 43
Registered 02 Aug 2011
Tabling HistoryDate
Tabled HR16-Aug-2011
Tabled Senate18-Aug-2011
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST LIBYA – 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 key persons associated with the Qadhafi regime in Libya who are not already listed by the United Nations Security Council. 

The Australian Government has reviewed the list of persons and entities subject to financial sanctions and has directed the Reserve Bank to add one new person to the Annex of names. Details of the changes to the Annex can be found in Attachment A.

The updated Annex now contains 35 persons and 20 entities and is referred to in each of the following instruments:

(i)                 Direction relating to foreign currency transactions and to Libya (dated 4 March 2011) pursuant to regulation 5 of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2011L00393). This instrument was originally published in the Commonwealth of Australia Gazette No. S34, 9 March 2011.

(ii)               Variation of Exemption (dated 4 March 2011) relating to sub-regulation 6(1) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2011L00392). This instrument was originally published in the Commonwealth of Australia Gazette No. S35, 9 March 2011.

(iii)             Variation of Exemption (dated 4 March 2011) relating to sub-regulation 8(1)(a) of the Banking (Foreign Exchange) Regulations 1959, (FRLI reference number F2011L00394). This instrument was originally published in the Commonwealth of Australia Gazette No. S36, 9 March 2011.

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 second 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 Libya Annex. One person has been added.

 

NAMES THAT HAVE BEEN ADDED:

 

 

Reference No.

 

Name

Details

2011LBY0055

Juwadi, Colonel Taher

 

Fourth in Revolutionary Guard chain of command.

 

Total: 1