Clause 15

Section 53 of the principal Act is amended by inserting, immediately after subsection (5), the following subsections:“(6) A specified financial institution that contravenes an order under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.(7) It is not necessary to publish any order under subsection (1) in the Gazette.”.