Singapore legislation
Clause 6
Clause 6
Offence of contravening restriction order and composition of offence
(1)
Any bank which contravenes a restriction order without reasonable excuse shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $3,000.
(2)
A specified officer may compound an offence under subsection (1) by collecting from a bank which is reasonably suspected of having committed the offence a sum not exceeding $1,500.
(3)
On payment of the sum of money under subsection (2), no further proceedings are to be taken against the bank in respect of the offence.
(4)
All sums collected under this section must be paid into the Consolidated Funds.