Media Release Australian Financial Controls on Terrorists and their Sponsors

The Reserve Bank of Australia has been directed by the Commonwealth Government to take steps under the Banking (Foreign Exchange) Regulations to block any accounts which might be held in Australia by persons or organisations identified by the United Nations and the US as terrorists or their sponsors. This action is part of the Commonwealth Government's response to the United Nations Resolution on this matter and to President Bush's request to countries to support measures being taken by the United States against terrorists and their sponsors. It builds upon the existing sanctions against the Taliban, which have been in place since December 1999.

With effect from today, the Reserve Bank has taken action to block any accounts that might exist in the names listed below. It has prohibited transactions involving the transfer of funds or payments to, by the order of, or on behalf of the following entities:

• Osama bin Laden;
• the Al-Qaida organisation; and
• any other person or entity listed in the Annex.

The Reserve Bank has also written to financial institutions asking them to inform it of the existence of any of the specified accounts.