The Australian Sanctions Office (ASO) has released new guidance materials on Australia’s international sanctions laws.
The ASO is providing this guidance given the expansion of international sanctions in the last few years, coupled with increased regulatory supervision with the changes to the AML/CTF Act, as well as an increased focus on supervision/enforcement.
The sanctions include targeted financial sanctions and travel bans against conduct such as the proliferation of weapons of mass destruction, gross human rights violations, malicious cyber activity and serious corruption.
The guidance notes detail obligations for complying with Australian sanctions law for the following:
- Digital Currency Exchange Sector
- Sanctions Compliance for Australian Government Agencies and Employees
- Dealing with assets owned or controlled by designated persons or entities
- Financial transactions involving designated persons and entities
- Import, purchase or transport of firearms and other ‘arms or related materials’ from sanctioned countries
- Reporting a sanctions contravention
- Sanctions compliance for universities
- Cyber sanctions
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
