Commonwealth Numbered Regulations - Explanatory Statements

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PROCEEDS OF CRIME (COMMONWEALTH BANK OF AUSTRALIA) REGULATIONS 1993 NO. 328

Statutory Rules 1993 No. 328

Issued by the authority of the Minister for Justice

Proceeds of Crime Act 1987

Commonwealth Banks Act 1959

Proceeds of Crime (Commonwealth Bank of Australia) Regulations

Section 104 of the Proceeds of Crime Act 1987 provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act. Section 129 of the Commonwealth Banks Act 1959 gives the Governor-General the power to make regulations, not inconsistent with the Act, prescribing matters required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act or for the conduct of business by the Development Bank.

The Proceeds of Crime (Commonwealth Bank of Australia) Regulations allows restitution to the Commonwealth Bank of money of which it was defrauded, before its restructuring in April 1991. The money was recovered pursuant to the Proceeds of Crime Act 1987 and paid into the Confiscated Assets Trust Fund in August 1992.

Regulation 2(1) declares for the purposes of the Proceeds of Crime Act 1987 and for the purposes of section 27H of the Commonwealth Banks Act 1959 the Commonwealth Bank to be incorporated for a purpose of the Commonwealth in relation to a relevant offence within the meaning of 34C of the Proceeds of Crime Act 1987 which was committed before 17 April 1991.

Regulation 2(2) prescribes the Commonwealth Bank of Australia as a 'GBE' (Government Business Enterprise) for the purposes of the definition of that term in subsection 4(1) of the Proceeds of Crime Act 1987.

The proposed regulations will commence on gazettal.