AUSTRALIA Law and Practice Contributed by: Dennis Miralis, Jack Dennis, Henry Yu and Darren Pham, Nyman Gibson Miralis
es that ownership and control of a given asset are determined according to the “factual circumstances, including the kind of asset and the laws of jurisdiction in which it was created”. 7.3 Circumvention 7.3.1 Prohibiting Provisions Some provisions were designed to ensure compli - ance with Australia’s sanctions regimes by prevent - ing any circumvention. Specifically, Regulation 13 of the Sanctions Regulations prohibits the provision of a “sanctioned service”, which is broadly defined to include essentially any service “if it assists with, or is provided in relation to, a sanctioned supply”. This broad scope was reportedly explained by the Austral - ian government as necessary to prevent circumven - tion of the laws through the use of intermediaries or exploiting loopholes. 7.3.2 Criminal Penalties An activity that breaches Regulation 13 of the Sanc - tions Regulations is a criminal offence and attracts the same penalties as set out in 2.2.2 Breaching Sanc- tions .
16
CHAMBERS.COM
Powered by FlippingBook