Liability of officers, IFS practitioner and managing agent

(1) If an employee or agent of an IFS practitioner or managing agent, or a person acting or purporting to act on behalf of the IFS practitioner or managing agent commits an offence against this Act, the Economic Substance Act or the International Business Companies Act, for which the IFS practitioner or managing agent would have been liable had it been committed by the IFS practitioner or managing agent on premises to which the licence relates, the IFS practitioner or managing agent is to be taken also to have committed an offence and is liable to the same penalty as is prescribed for the principal CAP. 273:01. CAP. 270. (2) An IFS practitioner or managing agent may be proceeded against and convicted under sub-section (1) although the employee or agent has not been proceeded against or has not been convicted under this Act.