The National Cooperative Scheme on Unexplained Wealth came into force on 10 December 2018, and enhances the ability of Commonwealth, State and Territory law enforcement agencies to trace, identify and seize assets that cannot be connected to a lawful source.
The Scheme allows participating jurisdictions to access powerful information-gathering powers in unexplained wealth cases, including notices to financial institutions and production orders. Under clause 20 of Schedule 1 to the
Proceeds of Crime Act 2002, the head of police forces participating in the Scheme must provide the Minister with an annual report on their use of these information-gathering powers. The Minister must cause these reports to be tabled in Parliament within 15 sitting days of receipt.
