EXPLANATORY STATEMENT
CRIMES (CURRENCY) ACT 1981
Disposal of Forfeited Articles Direction 2009
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 2006. This Direction permits the Governor of the Reserve Bank of Australia (RBA) and the Senior Manager, Note Development, Research and Security, Note Issue Department, 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; give the forfeited article to the Chief Executive Officer of the Royal Australian Mint 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 Direction will delegate power to the Governor of the RBA, the Senior Manager, Communication and Risk, Note Issue Department, RBA and the Manager, Counterfeits and Research, Note Issue Department, RBA.
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 have seen the instrument and agree with the terms.
The Direction commences on the day after it is registered.