Financial Crime World

Financial Sanctions Regimes in New Zealand: Maintaining Peace and Security

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New Zealand plays a significant role in maintaining global peace and security by imposing financial sanctions on countries that threaten stability, have harmful policies, or fail to cooperate with international law. These sanctions can target both individuals and companies.

United Nations Security Council Sanctions

The United Nations Security Council (UNSC) frequently imposes sanctions as a tool to influence foreign governments and individuals to change their behavior. As a UN Member State, New Zealand is obligated to implement these sanctions through regulations made under the United Nations Act 1946. This allows for swift responses when necessary to impose or remove sanctions.

Standalone Legislation

New Zealand has its own standalone legislation to impose financial sanctions independently of the UNSC in response to military actions by countries like Russia and others in Ukraine or other nations where the UNSC may not act. The country’s Russia sanctions align with those imposed by like-minded nations, aiming to pressure Russia into altering its course and limiting its ability to finance and equip conflicts.

Travel Bans

New Zealand has also implemented travel bans on individuals entering the country, including those associated with Belarus’ Lukashenko regime following the 2020 election and Myanmar’s military leaders after the 2021 coup. These measures demonstrate the country’s commitment to upholding international law and holding accountable those who undermine peace and stability.

Compliance

New Zealanders must comply fully with regulations implementing UN sanctions, as any breach is considered a criminal offense. Given the wide scope of these regulations and the penalties for non-compliance, anyone contemplating doing business with sanctioned countries is advised to seek independent legal counsel first.

Current UN Sanctions Regimes Implemented by New Zealand

  • 2018: Mali, Libya, Somalia
  • 2017: North Korea
  • 2016: Iran (special requirements apply when doing business with Iran)
  • 2015: South Sudan, Syria
  • 2014: Central African Republic, Yemen
  • 2012: Guinea-Bissau
  • 2011: Libya
  • 2010: Eritrea
  • 2008: Lebanon
  • 2007: Al Qaida and Taliban
  • 2004: Democratic Republic of the Congo, Kimberley Process, Sudan
  • 2003: Iraq reconstruction
  • 1991: Iraq

Export Controls

Even if exports are permitted under sanctions regulations, exporters may still need to obtain separate approval for strategic goods or those subject to catch-all controls under New Zealand’s Export Controls regime.

For more information on export controls, visit the Trading Weapons and Controlled Chemicals page.