The ASO also released a Sanctions Compliance Toolkit and a Sanctions Risk Assessment Tool to facilitate compliance with Australian sanctions laws
The Australian Sanctions Office (ASO) has released six new guidance notes to help Australians and Australian businesses comply with Australian sanctions laws.
New guidance notes:
- Sanctions Compliance for Australian Government Agencies and Employees – This informs government employees and contractors of their legal obligations, potential sanctions risks, and the importance of taking reasonable precautions and exercising due diligence to avoid sanctions contraventions.
- Dealing with assets owned or controlled by designated persons and entities – This outlines the obligation to freeze assets owned or controlled by designated persons or entities the report to the ASO and the Australian Federal Police (AFP).
- Financial transactions involving designated persons and entities – This outlines the prohibitions on dealing with designated persons or entities and their assets, and describes compliance and reporting requirements and how sanctions permits can be used.
- Import, purchase or transport of firearms and other ‘arms or related matériel’ from sanctioned countries – This provides guidance on the import, purchase or transport of weapons (including firearms), ammunition, accessories and other goods with possible military applications into Australia.
- Reporting a sanctions contravention – This outlines obligations to report sanctions non-compliance to the ASO, including self-reporting as well as reporting non-compliance by other parties.
- Sanctions compliance for universities – This outlines the key sanctions risks for the university sector across activities such as enrolling a student, employing a person, or engaging in research collaborations with persons and entities from sanctioned countries.
Several existing guidance/advisory notes were also recently updated:
- Digital Currency Exchanges
- Cyber sanctions and related FAQs
- Common High Priority Items for Russia
- Australian export sector, Russian evasion methods
- DPRK information technology (IT) workers
The ASO also released a Sanctions Compliance Toolkit and a Sanctions Risk Assessment Tool.
- The Sanctions Compliance Toolkit provides guidance on identifying and managing sanctions risks, offering a structured approach to compliance at the organisational and activity-based levels by outlining key principles, risk management strategies, and best practices.
- The Sanctions Risk Assessment Tool provides a structured questionnaire that regulated entities can use to inform a preliminary assessment of the sanctions risks associated with a given activity.
The guidance aims to help regulated entities and legal professionals navigate the complexities of Australian sanctions laws, the ASO said.
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