Financial Framework Legislation Amendment Act 2005 (8 of 2005)

Schedule 1   Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts

Part 2   Special Accounts and references to paid to the Consolidated Revenue Fund

Proceeds of Crime Act 1987

297   Subsection 34C(1)

Repeal the subsection, substitute:

(1) The purposes of the Confiscated Assets Special Account are:

(a) to the extent to which it comprises suspended funds:

(i) making such payments, if any, to States or to foreign countries as the Attorney-General considers are appropriate under the equitable sharing program; and

(ii) making such payments as the Attorney-General considers necessary to satisfy the Commonwealth's obligations in respect of a registered foreign forfeiture order, an order registered under section 45 of the International War Crimes Tribunals Act 1995 or a registered foreign pecuniary penalty order; and

(iii) making such payments to a State as the Attorney-General considers necessary following a credit to the Account under paragraph 34B(1)(b) of money received from a foreign country; and

(iv) paying the prescribed annual management fee in accordance with the regulations; and

(v) making such payments by way of restitution as are required under subparagraph 21(6)(d)(ii), paragraph 22(4)(b) or subparagraph 31(6)(d)(ii); and

(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.

Note: The heading to section 34C is replaced by the heading " Debits from the Confiscated Assets Special Account ".