Singapore legislation
Clause 11
Clause 11
Amendment of Payment and Settlement Systems (Finality and Netting) Act 2002
The Payment and Settlement Systems (Finality and Netting) Act 2002 (Act 39 of 2002) is amended by inserting, immediately after section 16, the following sections:“Composition of offences16A.—
The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from any person reasonably suspected of having committed the offence a sum not exceeding $10,000.(2) On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.(3) The Authority may make regulations to prescribe the offences which may be compounded.(4) All sums collected under this section shall be paid to the Authority.Jurisdiction of District Court16B. Notwithstanding any provision to the contrary in the Criminal Procedure Code (Cap. 68), a District Court shall have jurisdiction to try any offence under this Act and shall have power to impose the full penalty or punishment in respect of the offence.”.