The Autonomous Sanctions Amendment Regulation 2012 (No. 1) was registered on 20 August 2012.
It amends the Autonomous Sanctions Regulations 2011 by imposing additional autonomous sanctions measures in relation to Iran and Syria and prohibiting, amongst other things, an Iranian or Syrian financial institution setting up a representative office, branch or subsidiary in Australia, or acquiring or extending an interest in an Australian financial institution and a financial institution establishing a joint venture, correspondent banking relationship or even a bank account with an Iranian or Syria financial institution, or setting up a representative office, branch or subsidiary in Iran or Syria.
It also prohibits the supply, sale or transfer to Iran and Syria of equipment and technology for the oil, gas or petrochemical industry or any transaction relating to gold, precious metals and diamonds.
Under the Autonomous Sanctions Act 2011 (Cth), Australia implements autonomous financial sanctions targeting situations of concern in Burma, Syria and Zimbabwe, and supplementing United Nations Security Council financial sanctions in relation to the Democratic People’s Republic of Korea, Iran and Libya. Australia has also implemented autonomous financial sanctions against individuals associated with the former Milosevic regime in the former Federal Republic of Yugoslavia.
It is an offence to contravene a sanction.
For bodies corporate, each of the above offences are of strict liability, unless the body corporate can prove that it took reasonable precautions, and exercised due diligence, to avoid contravening the law in question.
The penalty upon conviction for these offences is :
•for individuals: a maximum 10 years’ imprisonment or a maximum fine of 3 times the value of the transaction in breach of sanctions (if this can be calculated) or A$275,000 whichever is the greater.
•for bodies corporate: a maximum fine of 3 times the value of the transaction in breach of sanctions (if this can be calculated) or A$1.1 million, whichever is the greater.
