“Sanctions” have been in the news quite often lately. The United Nations has adopted, and many of its member-states have imposed, trade and economic sanctions against North Korea to pressure its regime to give up nuclear weapons. Similarly, recent political developments surrounding the so-called “Iran Nuclear Deal” have been all about re-imposing sanctions in relation to Iran’s development of nuclear weapons. There are currently 17 ongoing sanctions regimes imposed by the UN Security Council, focusing on nuclear non-proliferation, counter-terrorism and addressing unacceptable human rights.[1] With these world geo-political developments as a backdrop, we take this timely opportunity to remind Australian financial services providers of their restrictions under ‘sanction laws’. What are sanctions? A sanction is essentially an instrument used in international relations to restrict or prohibit trade and/or financial dealings or assistance…
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