On 19 May, AUSTRAC released ‘the second public consultation on new AML/CTF Rules’. Among the proposed changes include the requirement for reporting entities regulated by AUSTRAC to develop, maintain and comply with policies to ensure that they do not contravene targeted financial sanctions obligations, including asset freezing, in the provision of their designated services.

The Minister for Foreign Affairs (the Minister) has by legislative instrument designated 60 vessels as sanctioned vessels for Russia (‘listed’) in accordance with regulation 8 of the Autonomous Sanctions Regulations 2011 (the Regulations).

In accordance with regulation 6A(4) of the Autonomous Sanctions Regulations 2011, the Minister for Foreign Affairs has designated two individuals for targeted financial sanctions and declared them for travel bans.

The Australian Sanctions Office (ASO) has released 10 new guidance and advisory notes to assist the regulated community understand their sanctions obligations.