Section 36G
Power to impose administrative penalties
of Labuan Financial Services Authority Act 1996
(2)
The Authority shall, before making a decision to impose an administrative penalty on a person, serve on him a written notice calling on him to show cause why the administrative penalty should not be imposed upon him.
(3)
If a satisfactory explanation is not received within such period as may be specified in the written notice, the Authority may impose an administrative penalty in an amount not exceeding five hundred ringgit for each day of the non-compliance and such amount shall not in total exceed the sum of ten thousand ringgit.
(4)
Where a person has failed to pay an administrative penalty imposed by the Authority under subsection (3), the penalty imposed by the Authority may be sued for and recovered as a debt due to the
Authority.