1Banking (Foreign Exchange) Regulations 1959 - Direction Relating to Foreign Currency Transactions and to Burma (18/10/2007)

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Direction relating to foreign currency transactions and to Burma (18/10/2007)

as amended

made under regulation 5 of the

Banking (Foreign Exchange) Regulations 1959

This compilation was prepared on 22 October 2008
taking into account amendments up to Direction relating to foreign currency transactions and to Burma – Amendment to the Annex and
Variation of Exemptions – Amendment to the Annexes (16/10/2008)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Direction relating to foreign currency transactions and to
Burma (18/10/2007)

The Reserve Bank of Australia, pursuant to regulation 5 of the Banking (Foreign Exchange) Regulations 1959, hereby directs that:

1. a person must not, either on the person’s own behalf or on behalf of another person, buy, borrow, sell, lend or exchange foreign currency in Australia, or otherwise deal with foreign currency in any other way in Australia;
2. a resident, or a person acting on behalf of a resident, must not buy, borrow, sell, lend or exchange foreign currency outside Australia, or otherwise deal with foreign currency in any other way outside Australia;
3. a person must not be a party to a transaction, being a transaction that takes place in whole or in part in Australia or to which a resident is a party, that has the effect of, or involves, a purchase, borrowing, sale, loan or exchange of foreign currency, or otherwise relates to foreign currency

where the transaction relates to property, securities or funds owned or controlled directly or indirectly by, or otherwise relates to payments directly or indirectly to, or for the benefit of any person listed in the Annex to this direction.

The Annex to this direction may be amended from time to time. Any such amendment shall be taken as being part of this direction as from the date specified in the amendment.

This instrument comes into operation on 24 October 2007.

Dated this 18th day of October 2007.

ANNEX

BURMA

This is the Annex referred to in the direction dated 18 October 2007, pursuant to Regulation 5 of the Banking (Foreign Exchange) Regulations 1959.