Effect of termination on the sharing of certain proceeds of confiscated assets

In force

(1)

If—

(a)

a State ceases to be a *participating State because it has terminated its reference or adoption as described in subsection 14C(8) or (9); and

(b)

the State has not terminated—

(i)

if the State referred *text reference 2—that referral; or

(ii)

if the State adopted *post-amended version 2 of this Act—that adoption; and

(c)

*proceeds of confiscated assets are credited to the *Confiscated Assets Account after the termination; and

(d)

the amount credited as referred to in paragraph (c) is the amount of an *unexplained wealth order to the extent it has been paid to the Commonwealth (see paragraph 296(3)(fa)); and

(e)

the unexplained wealth order relates to a *relevant offence of the State;

then Division 2 of Part 4-3 applies in relation to the sharing of those proceeds as if the State were a participating State.

Note:

Division 2 of Part 4-3 is about sharing proceeds of confiscated assets under the national cooperative scheme.

(2)

Subclause (1) does not apply if the State is a *cooperating State.

Note:

If the State is a cooperating State, it will be treated in the same way as a participating State for all proceeds of confiscated assets (and not just proceeds that are amounts payable under unexplained wealth orders).

This Act’s bill:Explanatory memorandum Second reading speech

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2 Effect of termination on the sharing of certain proceeds of confiscated assets