Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XI · Appeals
194. Power to compound
Feedback & supportThe 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.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
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.
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.
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.
Labuan Financial Services and Securities 183
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.
fund
“mutual fund” or “fund” means a Labuan company, a corporation incorporated under the laws of any recognized country or jurisdiction, a partnership, a protected cell company, a foundation, or a unit trust which— (a) collects and pools funds for the purpose of collective investment with the aim of spreading investment risk; and (b) issues interests in a mutual fund which entitles the holder to redeem his investments that is agreed upon by the parties and receive an amount computed by reference to the value of a proportionate interest in the whole or part of the net assets of the aforesaid types of entities, as the case may be, and includes an umbrella fund whose interests in a mutual fund or units are split into a number of different class funds or sub-funds and whose participants are entitled to exchange rights in one part for rights in another;