Commonwealth Numbered Regulations - Explanatory Statements

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PROCEEDS OF CRIME REGULATIONS (AMENDMENT) 1995 NO. 325

Statutory Rules 1995 No. 325

Issued by the Authority of the Minister for Justice

Proceeds of Crime Act 1987

Proceeds of Crime Regulations (Amendment)

Section 104 of the Proceeds of Crime Act 1987 (the Act) 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.

The purpose of the Proceeds of Crime Regulations (Amendment) is to amend the name of a prescribed law enforcement agency, from its former name, "Trade Practices Commission" to "Australian Competition and Consumer Commission" which will perform the functions of the former Trade Practices Commission. The Competition Policy Reform Act 1995 will, amongst other things, "abolish" the Trade Practices Commission and the Prices Surveillance Authority. Those institutions will be replaced with the Australian Competition and Consumer Commission which will perform the current functions of the Trade Practices Commission and the Prices Surveillance Authority, and new functions under the competition policy reforms.

Regulation 1 of the regulations is a procedural clause providing for commencement. The regulations commenced on the date of the commencement of Part 3 of the Competition Policy Reform Act 1995.

Regulation 2 is a procedural clause.

Regulation 3 amends regulation 16 of the Proceeds of Crime Regulations by including the Australian Competition and Consumer Commission and omitting the Trade Practices Commission within the category of prescribed agencies listed for the purposes of subsection 34D(3) of the Act.

The Regulations commenced on die date of commencement of Part 3 of the Competition Policy Reform Act 1995.