The Australian government is consulting with stakeholders on its proposed hard-line sanctions against Iran, including a prohibition on transactions involving A$20,000 or more. Under the government's proposals any business that wants to make a transaction over this limit would have to seek direct consent from the Department of Foreign Affairs and Trade.
The proposal follows Australia's recent sanctions against Libya, which go further than the United Nations and other countries by outlawing transactions with a total of 22 individuals. The actions reflect foreign affairs minister Kevin Rudd's focus on economic sanctions as a tool of persuasion in diplomatic matters. Rudd has indicated that Australian money laundering compliance officers will need to keep a close eye on sanctions-related issues going forward.
In an announcement yesterday Rudd and Brendan O'Connor, the justice minister, said that the Iranian sanctions would target money laundering and terrorist financing that takes place
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