Pecuniary penalty

(1) Where by section 22, or an instruction, guideline or recommendation given under this Act, a reporting entity is required, by a specified timeFailure to take required action. (a) to take a certain measure or action; or (b) to cease a particular activity, behaviour or practice, and the supervisory authority or competent authority is satisfied that the reporting entity has failed to do so, the supervisory authority or competent authority may, by written notice, impose on the reporting entity, a penalty of five thousand dollars and, in the case of a continuing failure, to an additional penalty not exceeding five hundred dollars for every day during which the failure continues. (2) A penalty shall not be imposed on a reporting entity or financial institution under this section unless the reporting entity or financial institution is first given an opportunity to be heard and to show cause as to why the action should not be taken. (3) Pecuniary penalties imposed and collected under this section shall be paid into the Belize Confiscated and Forfeited Assets Fund established in section 78.