Proceeds of Crime Amendment Bill 1996
First Reading

1996

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Proceeds of Crime Amendment Bill 1996

No. , 1996

(Attorney-General)

A Bill for an Act to amend the Proceeds of Crime Act 1987

9610920--975/6.9.1996--(109/96) Cat. No. 96 5017 7 ISBN 0644 479132

Contents

1       Short title

2       Commencement

3       Schedule(s)

Schedule 1--Amendment of the Proceeds of Crime Act 1987       

A Bill for an Act to amend the Proceeds of Crime Act 1987

The Parliament of Australia enacts:

1 Short title

        This Act may be cited as the Proceeds of Crime Amendment Act 1996.

2 Commencement

        This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

        Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1--Amendment of the Proceeds of Crime Act 1987

1 Subsection 4(1) (definition of equitable sharing program)

Omit "either or both", substitute "any or all".

2 Subsection 4(1) (at the end of the definition of equitable sharing program)

Add:

       (c) the Commonwealth shares with a foreign country a proportion of any proceeds of any unlawful activity recovered under a Commonwealth law where, in the opinion of the Attorney-General, the foreign country has made a significant contribution to the recovery of those proceeds or to the investigation or prosecution of the unlawful activity.

3 At the end of subsection 34B(1)

Add:

       ; and (g) money, other than money referred to in paragraph (b), paid to the Commonwealth by a foreign country in connection with assistance provided by the Commonwealth in relation to the recovery by that country of the proceeds of unlawful activity or the investigation or prosecution of unlawful activity.

4 Subparagraph 34C(1)(a)(i)

After "to States", insert "or to foreign countries".

5 Paragraph 34C(1)(b)

Repeal the paragraph, substitute:

       (b) to the extent to which it comprises distributable funds--making payments to a GBE of any proceeds of confiscated assets that relate to a relevant offence that caused financial loss to the GBE.

6 Section 34D

Repeal the section, substitute:

34D Transfer of balance of distributable funds to Consolidated Revenue Fund

       (1) Once in each financial year the Attorney-General must determine, in accordance with the regulations, the amount of distributable funds not required for meeting payments under paragraph 34C(1)(b).

       (2) As soon as practicable after the making of the determination, that amount must:

       (a) be deducted from the balance of distributable funds in the Trust Fund; and

       (b) be paid to the Consolidated Revenue Fund.