Media Release
Banking (Foreign Exchange) Regulations 1959
Sanctions Against Entities Associated with North Korea
The Reserve Bank of Australia has been directed by the Australian Government to take steps under the Banking (Foreign Exchange) Regulations 1959 to implement financial sanctions against certain entities and an individual associated with the Democratic People's Republic of Korea. Details of these twelve entities and one individual are contained in the Annex.
All transactions involving the transfer of funds or payments to, by the order of, or on behalf of such entities or person are prohibited without the prior approval of the Reserve Bank of Australia.
UPDATE: On 7 March 2012, responsibility for the administration of Australia's autonomous financial sanctions was
transferred from the RBA (under the Banking (Foreign Exchange) Regulations 1959) to the
Department of Foreign Affairs and Trade (DFAT) (under the Autonomous Sanctions Regulations 2011).
This change was announced in RBA Media Release No 2012-05.
As a result, the content of this media release is no longer current and any accompanying annexes and/or attachments have been removed.
For all enquiries about Australia's autonomous financial sanctions regime, including the current list of sanctioned individuals
and entities, refer to the
DFAT website.
Enquiries
Manager, Media Office
Information Department
Reserve Bank of Australia
SYDNEY
Phone: +61 2 9551 8111
Fax: +61 2 9221 5528
E-mail:
rbainfo@rba.gov.au