Crimes (Currency) (Counterfeit Foreign Money and Securities Examiners) Appointments 2021

Overview

The Crimes (Currency) (Counterfeit Foreign Money and Securities Examiners) Appointments 2021I, enacted on 30 September 2021, addresses the need for qualified individuals to examine counterfeit foreign currency and securities under the Crimes (Currency) Act 1981. This notifiable instrument was introduced by Michael Sukkar, the Assistant Treasurer and Minister for Housing, Minister for Homelessness, Social and Community Housing, and it was made under the authority provided by subsections 27(2) and (23) of the Act. The primary policy objective of this legislation is to ensure that only appropriately qualified individuals are appointed to the critical roles of examiners of counterfeit foreign paper money and counterfeit foreign prescribed securities. By appointing Wing Suet (Sabrina) So, Bianca McKechnie, and Kathryn Miegel, each for a five-year term, and simultaneously revoking the appointments of all previous examiners, the legislation aims to maintain a stable and qualified workforce dedicated to identifying and addressing the issue of counterfeit currency and securities.

Scope and Application

The Crimes (Currency) (Counterfeit Foreign Money and Securities Examiners) Appointments 2021I, made under the authority vested in Michael Sukkar, the Assistant Treasurer and Minister for Housing, targets the appointment of examiners for counterfeit foreign money and securities in accordance with the Crimes (Currency) Act 1981. These appointments are crucial for the enforcement and compliance of the Act, which applies to the Commonwealth of Australia and its territories. The Act specifically appoints Wing Suet (Sabrina) So, Bianca McKechnie, and Kathryn Miegel as examiners of counterfeit foreign paper money and counterfeit foreign prescribed securities, ensuring that these individuals are appropriately qualified to carry out their duties. Each of these appointments is effective for a period of five years from the date of registration on the Federal Register of Legislation. Notably, this instrument also revokes the appointments of all previous examiners, effective from the day after the instrument is registered, thereby streamlining the authority and responsibility under the Act.

Key Provisions

The primary operative sections of this legislation pertain to the appointments and revocations of examiners of counterfeit foreign paper money and securities. Specifically, section (1) appoints Wing Suet (Sabrina) So, Bianca McKechnie, and Kathryn Miegel as examiners of counterfeit foreign paper money and counterfeit foreign prescribed securities, each for a term of five years commencing the day after the instrument is registered on the Federal Register of Legislation. This is in accordance with subsections 27(2) and (27(3) of the Crimes (Currency) Act 1981. Additionally, section (3) revokes the appointments of all previous examiners with effect from the same date. The appointments are made on the basis that the Assistant Treasurer, Michael Sukkar, is satisfied that each individual is appropriately qualified for their roles. This legislation imposes several obligations on the appointed examiners, most notably the requirement to perform their duties diligently and in accordance with the provisions of the Crimes (Currency) Act 1981. The examiners are tasked with identifying and assessing counterfeit foreign paper money and prescribed securities, which is a critical function in preventing the circulation of fraudulent financial instruments. The examiners must maintain the standards of professionalism and expertise necessary to effectively carry out their responsibilities, ensuring accuracy and reliability in their assessments. Furthermore, the examiners are expected to adhere to any additional guidelines or instructions provided by the relevant authorities. Failure to comply with the obligations and requirements set forth in this legislation may result in various consequences. While the notifiable instrument itself does not specify particular offences, penalties, or civil/criminal consequences, violations of the broader Crimes (Currency) Act 1981 could lead to such outcomes. For example, individuals who engage in activities that facilitate the circulation of counterfeit currency or securities could face criminal charges, with penalties that include substantial fines and imprisonment. The specific penalties would depend on the nature and severity of the offence, as outlined in the broader legislative framework. However, it is clear that the integrity and enforcement of these roles are paramount, and any breaches could result in serious legal repercussions.