Maximum administrative penalty and due process

(1) The maximum amount that the competent authority may impose as an administrative penalty is three hundred and fifty thousand dollars, to be paid within thirty days of such penalty being imposed, for any prescribed violation. 24 (2) Where a violation referred to under sub-section (1) is continuing, the person may be subject to a further administrative penalty of one thousand dollars for every day or part thereof in which the violation continues. (3) If the competent authority decides to impose an administrative penalty, the competent authority shall notify the person of its decision and afford the person an opportunity to be heard. (4) A notice referred to under sub-section (3), shall– (a) be in such form as the competent authority determines; (b) be within a reasonable time of the date of (c) specify– (i) the person’s name; (ii) the competent authority’s reasons, in writing, for imposing the penalty; (iii) the amount of the penalty and when payment is due; and (iv) a reasonable period (which may not be less than fourteen days) within which the person to whom the notice is given may make representations to the (5) Where representations are made under sub-section (4)(iv), the competent authority shall take them into account in deciding whether to impose an administrative penalty. Economic Substance [CAP. 273:01 25 (6) An administrative penalty for a prescribed violation which is also an offence– (a) under section 18(a) to (f) may be imposed within the period of twelve months beginning with the date on which the person becomes liable to the penalty; and (b) under section 18(g) may be imposed– (i) within the period of twelve months beginning with the date on which the inaccuracy first came to the attention of the competent authority; and (ii) within the period of five years beginning from the date on which the person becomes liable to the penalty.