EXPLANATORY STATEMENT
crimes (Currency) Act 1981
Disposal of Forfeited Articles Direction 2006
The Crimes (Currency) Act 1981 creates various offence provisions in relation to acts associated with counterfeit money and securities. They include offences relating to the manufacture, design, purchase and selling of counterfeit money, and instruments used for counterfeiting.
In accordance with subsection 29(7) of the Act, articles condemned as forfeited to the Commonwealth shall be disposed of in accordance with a direction of the Treasurer.
This power is presently delegated under the Disposal of Forfeited Articles Direction 1999. This Direction permits the Governor of the Reserve Bank of Australia (RBA) and the Senior Manager, Currency Operations, RBA to take possession of the forfeited article (i.e. counterfeit money or security) and destroy the article; give the forfeited article to the Commissioner of the Australian Federal Police; or retain the article in the possession of the RBA.
The RBA requested an amendment to the Direction to reflect a restructure within the Reserve Bank. The RBA also requested the relevant RBA officials be given the additional power to allow the Royal Australian Mint (RAM) to retain forfeited articles for legitimate purposes, such as staff training and enabling the RAM to establish a data base of examples of forfeited articles.
This does not reflect any significant change to the powers in the previous instrument.
Public consultation
No public consultation was undertaken in relation to the currency Direction as it has limited public interest. Relevant officers in the RBA and the RAM have seen the instrument and agree with the terms.
The Direction commences on the day after it is registered.