Document ID: chunk:federal_register_of_legislation:C2013C00589:clause:1_297
Version: federal_register_of_legislation:C2013C00589
Segment Type: clause
Provision Reference: sch 1 cl 297
Character Range: 94576–95965

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".