Section 194
Power to compound
of Labuan Financial Services and Securities Act 2010
The Authority may, with the written consent of the
Public Prosecutor, in a case where he deems it fit and proper so to do, compound any offence committed by any person which is punishable under this Act by making a written offer to such person to compound the offence on payment to the Authority, within such time as may be specified in the offer, of an amount which shall not exceed 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.
(2)
An offer under subsection (1) may be made at any time after the offence has been committed, but before any prosecution for it has been instituted.
(3)
Where the amount specified in the offer under subsection (1)
is not paid within the time specified in the offer, or within such extended period as the Authority may grant, prosecution of 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 after that in respect of such offence against the person to whom the offer to compound was made.
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(5)
Any monies paid into the Authority pursuant to subsection (1)
shall be paid into and form part of the Fund established under section 29 of the Labuan Financial Services Authority Act 1996.