Smith, who stepped down from the captaincy earlier on Sunday, had accepted the charge, cricket's global governing body said in a statement.
“The decision made by the leadership group of the Australian team to act in this way is clearly contrary to the spirit of the game, risks causing significant damage to the integrity of the match, the players and the sport itself and is therefore ‘serious’ in nature," ICC chief executive David Richardson said.
"As captain, Steve Smith must take full responsibility for the actions of his players and it is appropriate that he be suspended."
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