Singapore legislation

Clause 12

of Monetary Authority of Singapore (Amendment) Bill

Clause 12

Amendment of section 41A

Section 41A of the principal Act is amended —

(a)

by inserting, immediately after the words “one half of” in subsection (1), the words “the amount of”;

(b)

by inserting, immediately after subsection (1), the following subsection:“(1A) The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision that has been repealed) which —

(a)

was compoundable under this section at the time the offence was committed; but(b)has ceased to be so compoundable,by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.”;

(c)

by deleting the words “such sum of money” in subsection (2) and substituting the words “the sum of money referred to in subsection (1) or (1A)”; and

(d)

by deleting subsection (4) and substituting the following subsection:“(4) All sums collected by the Authority under subsection (1) or (1A) shall be paid into the Consolidated Fund.”.