118. Power to compound

The Minister may, on the recommendation of the Commission, with the approval of the Public Prosecutor, make regulations prescribing—

A Regulatory and Supervisory Authority may, with the consent in writing of the Public Prosecutor, offer in writing to compound any offence which may be compounded under this Act by accepting from the person reasonably suspected of having committed the offence, such sum of money not exceeding the amount of fifty per centum of the amount of the maximum fine to which that person would have been liable if he had been convicted of the offence, within such time as may be specified in the offer.

An offer under subsection (2) may be made at any time after the offence has been committed, but before any prosecution for it has been instituted, and if the amount specified in the offer is not paid within the time specified in the offer or within such extended period as may be granted by the Regulatory and Supervisory Authority, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.

Where an offence has been compounded under subsection (2), no prosecution shall be instituted in respect of the offence against the person to whom the offer to compound was made, and any document or thing seized in connection with the offence may be released by the Regulatory and Supervisory Authority, subject to such terms and conditions as the Regulatory and Supervisory

All sums of money accepted under subsection (2) shall be paid into and form part of—