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Implementation of Targeted Financial Sanctions
A number of sanctions regimes make it a criminal offence to, among other things:
- use or deal with the assets of a designated person or entity; or
- make an asset available to, or for the beneft of, a designated person or entity.
The penalty for these offences is:
- for individuals, a maximum 10 years’ imprisonment and a fine the greater of $425,000 or three times the transaction value; and
- for bodies corporate, a fine the greater of $1.7 million or three times the transaction value (the offence is a strict liability offence for bodies corporate)
The LinkMatchLite (LML) software is designed to assist asset holders in finding possible matches between their clients’ names and names on the Consolidated List.
LML does not indicate whether there are any relationships between the name provided and any name on the Consolidated List. It is only designed to provide an indication of how similar the name provided is to any name on the Consolidated List to mitigate the difficulties faced by subtle name variations and aliases.
Before using this software, users should note:
- the important licence information in the manual;
- that this is only one method and will miss some variations;
- that it requires input data in a specific format;
- that the internal lists are only valid until superceded; and
- that users must agree to the conditions of use.
If you want a copy of this software, email us at firstname.lastname@example.org and we will direct you to the download site.
Reporting to the Australian Federal Police
Regulation 42 of the Charter of the United Nations (Dealing with Assets) Regulations 2008 and regulation 24 of the Autonomous Sanctions Regulations 2011 require asset holders to provide the Australian Federal Police with specific information about freezable or controlled assets, as defined under that legislation.
Please see the following legislation:
Australian Federal Police assistance to find a match
As it may not always be clear whether there is a match between the name provided and any name on the Consolidated List, asset holders may request the assistance of the Australian Federal Police (AFP) to determine whether or not an asset is owned or controlled by a person or entity on the Consolidated List.
To facilitate this process, a referral process has been agreed between DFAT, the AFP and asset holders represented by the Australian Bankers' Association and the major banks
The relevant referral form to the AFP can be downloaded, printed and filled out with:
- as much information about the asset, including information about its owner or controller, as is known to the asset holder, and
- the asset holder’s contact details.
The referral form should be sent to the AFP at the following address:
AFP Operations Coordination Centre
Application to use or deal with frozen assets
Applications to use or deal with frozen assets, or to make assets available to designated persons or entities, must be made using the Online Sanctions Administration System (OSAS).
Wrongly frozen assets
The responsibility to freeze an asset subject to targeted financial sanctions rests with the person or entity that holds the asset, for example the financial institution that holds the funds.
If you consider that an asset that you directly or indirectly own or control has been frozen in error, please contact the asset holder in the first instance. If, following contact with the asset holder, you continue to consider that the asset has been frozen in error, please contact:
R G Casey Building
John McEwen Crescent
Barton ACT 0221
or e-mail email@example.com providing:
- your full name and contact details;
- the details of the asset and asset holder, including details of your legal or other interest in the asset);
- details of your contact with the asset holder; and
- the reasons for your belief that the asset has been frozen in error.