Payment to General Fund

(1) The administrative penalties paid under this Act shall be paid into the General Fund of the International Financial Services Commission kept pursuant to the International Financial Services Commission Act. CAP. 272. (2) An administrative penalty payable under this Act constitutes a debt due to the Government of Belize and may be recovered by the competent authority in a court of competent jurisdiction as a civil debt. 28 (3) No proceedings to recover the debt may be instituted more than five years after the date on which the debt becomes payable. (4) If a person pays the penalty set out in a notice of violation, the person is considered to have committed the violation and proceedings in respect of it are ended.