Section 92
Power of competent authority to compound offences
The competent authority or relevant enforcement agency, as the case may be, may, with the consent of the Public Prosecutor, compound any offence under this Act or under regulations made under this Act, by accepting from the person reasonably suspected of having committed the offence such amount not exceeding fifty per centum of the amount of the maximum fine for that offence, including the daily fine, if any, in the case of a continuing offence, to which that person would have been liable if he had been convicted of the offence, within such time as may be specified in its written offer.
(2)
Any money paid to the competent authority or relevant enforcement agency pursuant to subsection (1) shall be paid into and form part of the Federal Consolidated Fund.
(3)
An offer under subsection (1) may be made at any time after the offence has been committed, and where the amount specified in the offer is not paid within the time specified in the offer, or such extended
Anti-Money Laundering, Anti-Terrorism 125
Financing and Proceeds of Unlawful
Activities time as the competent authority or relevant enforcement agency may grant, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.
(4)
Where an offence has been compounded under subsection (1), no prosecution shall be instituted in respect of the offence against the person to whom the offer to compound was made.