Revised Explanatory Memorandum
(Circulated by authority of the Minister for Justice and Customs Senator the Honourable Chris Ellison)Notes on clauses
This is a formal clause which provides for the citation of the Bill.
This clause sets out when each provision in this Act commences, or is taken to have commenced.
Clauses 1 to 3 commence on the day on which the Bill receives Royal Assent.
The provisions relating to money laundering (Schedule 1); foreign proceeds of crime orders and requests by Australia for orders in foreign countries (Schedule 2); the retention of financial transaction documents (Schedule 3); and bankruptcy (Schedule 4) all commence on the day specified in a proclamation as the day on which sections 3 to 332 of the Proceeds of Crime Act 2002 commence.
Schedule 5 relates to property settlement and spousal maintenance proceedings. Items 1 to 9 of this schedule similarly commence on the day specified in a proclamation as the day on which sections 3 to 332 of the Proceeds of Crime Act 2002 commence. Item 10 of this schedule commences either on the above-mentioned day or immediately after the commencement of section 5 of the Family Law Legislation Amendment (Superannuation) Act 2001, whichever is the later.
Schedules 6 and 7, which covers all other amendments, also commence on the day on which sections 3 to 332 of the Proceeds of Crime Act 2002 commence.
This clause makes it clear that each Act which is specified in one of the Schedules to this Act is amended or repealed in accordance with the relevant provisions.