Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section sets out the process under the * national cooperative scheme on unexplained wealth for sharing with a State or * self - governing Territory * proceeds of confiscated assets that are shareable (within the meaning of the * NCSUW agreement).
Amount of proceeds to be shared
(2) The proceeds are to be reduced by:
(a) any amount of the proceeds that is payable to a foreign country under subsection 297B(2); and
(b) any amounts for the making of payments referred to in paragraphs 297(fa), (ga) and (h) in relation to the proceeds.
The resulting amount is the net amount .
The subcommittee of the Cooperating Jurisdiction Committee
(3) The Cooperating Jurisdiction Committee established under the * NCSUW agreement must establish a subcommittee for the purposes of deciding matters under this section in relation to the net amount.
(4) The subcommittee must consist of the following members of the Cooperating Jurisdiction Committee:
(b) if, in the decision - making period referred to in subsection (9), the Cooperating Jurisdiction Committee makes a unanimous decision that one or more * participating States, * cooperating States or * self - governing Territories made a contribution (within the meaning of the * NCSUW agreement) in relation to the recovery of the proceeds--each of those States and Territories.
Non - participating States' share
(5) If, in the decision - making period referred to in subsection (9), the subcommittee makes a unanimous decision that:
(a) a * non - participating State (other than a * cooperating State) made a contribution (within the meaning of the * NCSUW agreement) in relation to the recovery of the proceeds; and
(b) it is appropriate that a specified proportion of the net amount be payable to that State;
then the specified proportion of the net amount is payable to that State under the * national cooperative scheme on unexplained wealth.
Participating States', cooperating States' and Territories' share
(6) If the subcommittee includes one or more * participating States, * cooperating States or * self - governing Territories, then:
(a) any part of the net amount that remains after an application of subsection (5) is to be divided into equal proportions between the Commonwealth and each of those States or Territories; and
(b) the resulting proportion for each of those States or Territories is payable to the State or Territory under the * national cooperative scheme on unexplained wealth.
(7) However, if, in the decision - making period referred to in subsection (9), the subcommittee makes a unanimous decision that:
(a) it is inappropriate for the sharing arrangements referred to in subsection (6) to apply; and
(b) it is appropriate that a specified proportion, of any part of the net amount that remains after any application of subsection (5), be payable to each of those States or Territories;
(c) the sharing arrangements referred to in subsection (6) do not apply; and
(d) the specified proportion for each of those States or Territories, of any part of the net amount that remains after any application of subsection (5), is payable to the State or Territory under the * national cooperative scheme on unexplained wealth.
(8) Decisions may be made under this section in relation to an amount before the amount becomes * proceeds of confiscated assets or the net amount.
Note: For example, if an unexplained wealth order is made that requires a person to pay to the Commonwealth an amount, the Cooperating Jurisdiction Committee may establish a subcommittee, and the subcommittee may make decisions under this section about the sharing of that amount, before the amount becomes proceeds of confiscated assets (which it will become when it is paid to the Commonwealth) or the net amount.
(9) For the purposes of subsections (4), (5) and (7), the decision - making period is:
(a) the period specified in the * NCSUW agreement as being the decision - making period for the purposes of the * national cooperative scheme on unexplained wealth; or
(b) if paragraph (a) does not apply--the period prescribed by the regulations as being the decision - making period for the purposes of that scheme.
(10) The * NCSUW agreement and the regulations may specify that the decision - making period starts or ends at a time before an amount becomes * proceeds of confiscated assets.
Note: For example, the NCSUW agreement or regulations may provide that, for proceeds of confiscated assets that are an amount that has been paid to the Commonwealth under an unexplained wealth order (see section 179R), the decision - making period starts when the order is made (which is before the time the amount becomes proceeds of confiscated assets under paragraph 296(3)(fa)).
(11) If an amount is payable to a * participating State, * cooperating State or * self - governing Territory under this section, then the Minister must cause the amount to be paid to the State or Territory in the period that is:
(a) the period specified in the * NCSUW agreement as being the payment period for the purposes of the * national cooperative scheme on unexplained wealth; or
(b) if paragraph (a) does not apply--the period
prescribed by the regulations as being the payment period for the purposes of
that scheme.