Offences and penalties

(1) A person commits an offence, if the person– (a) fails to meet the substantial economic presence requirement set out in Part II; (b) contravenes section 10; Economic Substance [CAP. 273:01 23 (c) fails to comply with section 13(5) and an action under section 17(5) has not been taken; (d) obstructs the in performing its functions under this Act; (e) alters, destroys, mutilates, defaces, hides or removes information in a way that causes the person or another person to contravene this Act in relation to the information; (f) authorizes, advises or counsels another person to do anything referred to under paragraph (e); or (g) provides inaccurate information when filing a report under section 10 and– (i) knows of the inaccuracy in the report at the time the information is provided, but does not inform the competent authority of the inaccuracy at that time; or (ii) discovers the inaccuracy in the report after the information is provided to the competent authority and fails to take reasonable steps to inform the competent authority of the inaccuracy. (2) Subject to sub-section (1), a person who commits an offence under this section is liable on summary conviction to a fine of two hundred thousand dollars or to imprisonment for a term of one year, or to both.