Commonwealth Numbered Acts

PROCEEDS OF CRIME AMENDMENT ACT 1996 No. 8, 1997 - SCHEDULE 1

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.

[Minister's second reading speech made in - House of Representatives on 11
September 1996 Senate on 10 December 1996]