Document ID: chunk:federal_register_of_legislation:C2025C00034:clause:2_2
Version: federal_register_of_legislation:C2025C00034
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 613684–615017

2  Effect of termination on the sharing of certain proceeds of confiscated assets
 (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) 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).