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 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 18 Oct 2011
Tabling HistoryDate
Tabled HR31-Oct-2011
Tabled Senate31-Oct-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Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013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 and entities 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 remove from the Annex of names eight entities following the effective removal of the Qadhafi regime from power, and therefore the regime’s control of these entities. Details of the changes to the Annex can be found in Attachment A.

The updated Annex now contains 35 persons and 12 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 third update to the Annex.

The Department of Foreign Affairs and Trade advised the Reserve Bank that it has consulted with other relevant government departments, including Treasury, regarding the subject matter of these instruments.  In order to meet the policy objective of prohibiting unauthorised financial transactions involving the persons and entities specified in the instruments and prevent disclosure of the sanctions before their implementation, the Reserve Bank is satisfied that wider consultation beyond those already undertaken by the Department of Foreign Affairs and Trade would be inappropriate (sub-sections 18 (1) and 18 (2)(e) of the Legislative Instruments Act 2003).
ATTACHMENT A

This attachment provides details of the changes to the Libya Annex. Eight entities have been removed.

 

ENTITIES THAT HAVE BEEN REMOVED:

 

 

Reference No.

 

Name

Details

2011LBY0039

 

Economic and Social Development Fund (ESDF)

 

Qaser Bin Ghasher road Salaheddine Cross –

BP: 93599 Libya – Tripoli

Tel: +218 21 490 8893;

Fax: +218 21 491 8893

Email: info@esdf.ly

 

2011LBY0040

 

First Gulf Libyan Bank

 

 

 

 

 

The 7th of November Street, P.O. Box 81200, Tripoli, Libya;

SWIFT/BIC FGLBLYLT (Libya);

Tel: +218 213 6222 62;

Fax: +218 213 6222 05.

2011LBY0042

 

Gumhouria Bank

 

Gumhouria Bank Building, Omar Al Mukhtar Avenue, Giaddal Omer Al Moukhtar, P.O. Box 685, Tarabulus, Tripoli, Libya.

Tel: +218 21 333 4035

Fax: +218 21 444 2476

Website: www.gumhouria-bank.com.ly

Email: info@gumhouria-bank.com.ly

 

2011LBY0043

 

Harouge Oil Operations (a.k.a. Harouge; a.k.a. Veba Oil Libya GMBH)

 

Al Magharba Street, P.O. Box 690, Tripoli, Libya.

2011LBY0044

 

Libyan Arab Airlines

 

 

 

P.O. Box 2555 Haiti street, Tripoli, Libya.

Tel: +218 21 602 093

Fax: +218 22 360 970

2011LBY0049

 

Mabruk Oil Operations

 

Dat El-Emad 2, Ground Floor, PO Box 91171, Tripoli.

2011LBY0050

 

National Commercial Bank

 

Orouba Street, AlBayda, Libya.

Tel: +218 21 361 2429

Fax: +218 21 446 705

Website: www.ncb.ly

 

2011LBY0052

 

Sahara Bank

 

Sahara Bank Building, First of September Street, P.O. Box 270, Tarabulus, Tripoli, Libya.

Tel: +218 21 379 0022

Website: www.saharabank.co.ly

 

Total: 8