Zai takes sanctions risk, to both the company and the wider community, very seriously and seeks to take all reasonable steps to minimise the risk of sanctions breaches within our network.

Governing bodies often have regulations and financial sanctions in place that prohibit transactions with certain restricted or high-risk countries, individuals, corporate entities, and organisations.

Zai and its customers are legally bound to adhere to sanctions imposed by relevant jurisdictions. Restricting business activity, including the acceptance and remittance of payments, to certain countries subject to selective or targeted sanctions programmes.

What is a sanction?

  • Sanctions are frequently used by governments to implement foreign policy and fight financial crime and terrorist organisations.
  • Sanctions act as a non-violent foreign policy tool designed to influence a country, specific person, legal entity and/or organisation.
  • This is intended to deter activities which may include providing sanctuary for international criminals (such as terrorists); the proliferation of nuclear weapons development and abuses of fundamental human rights.

Zai adheres to these sanctions by placing restrictions and controls on the movement of goods, services and money to sanctioned countries.

These restrictions can include:

  • Prohibiting the transfer of funds to and/or from a sanctioned country and/or Specifically Designated Nationals (SDN);
  • Freezing the assets of a government, entity, individual and/or resident of a sanctioned country;
  • Prohibiting particular types of activities;
  • Imposing travel bans; and/or Other financial and diplomatic restrictions.

Sanctioned countries

By the UNSC

Australia implements United Nations Security Council (UNSC) sanctions regimes and Australian autonomous sanctions regimes (collectively known as Sanctions).

Sanctions change frequently, so regularly consult the DFAT sanctions webpage for current information.

By the OFAC

The Treasury Department's Office of Foreign Asset Control (OFAC) administers and enforces economic sanctions imposed by the United States against foreign countries.

Sanctions change frequently, so regularly consult the OFAC sanctions webpage for current information.