Proceeds of Crime Act 2002

Schedule 2 - Transitional, application and saving provisions relating to the national cooperative scheme on unexplained wealth  

Note:

See section 14N .

PART 1 - GENERAL  

Division 1 - Termination of State reference or adoption  

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

2(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(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).