Explanatory Memorandum(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable J.B. Hockey, MP)
8 Schedule 5 - Amendment of the Reserve Bank Act 1959
The purpose of Schedule 5 is to apply the Criminal Code to offences against provisions of the Reserve Bank Act.
8.1 Schedule 5 commences on the day on which this Bill receives Royal Assent.
Items 1 to 5
8.2 These items will apply the Criminal Code to all three offences against provisions of the Reserve Bank Act and insert notes with each offence provision. The Criminal Code sets out the general principles of criminal responsibility that will be applied to all offences in Commonwealth legislation. The Criminal Code is due to come into force in March 2000.
8.3 Applying the Criminal Code will not change the existing offence or maximum penalty levels associated with conviction for any offence contained in the Reserve Bank Act.