Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 7 · International Obligations and Prevention of Money Laundering, Terrorism Financing and Proliferation Financing and Other Offences
93. Composition of offences
Feedback & supportMAS may compound any offence under this Part that is prescribed as a compoundable offence 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.
MAS
“MAS” means the Monetary Authority of Singapore established under section 3 of the MAS Act;
MAS may compound any offence under this Part (including an offence under a provision that has been repealed) which —
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.
On payment of the sum of money mentioned in subsection (1) or (2), no further proceedings are to be taken against that person in respect of the offence.
MAS may make regulations to prescribe the offences which may be compounded.
All sums collected by MAS under subsection (1) or (2) must be paid into the Consolidated Fund.