14C Imposition of penalty

(1) Before, imposing any penalty under the provisions of this Act, a Competent Authority shall give the parties concerned a notice in writing––
(a) of the nature of the non-compliance;
(b) of the intention to impose a penalty, and an opportunity to make a written representation to show cause, within a period of not less than 14 days after the date of the notice, why a penalty should not be imposed.
(2) A Competent Authority shall not impose a penalty under the provisions of this Act if it is satisfied that the person concerned has shown good cause to the satisfaction of the Competent Authority why a penalty should not be imposed.
(3) Any penalty imposed under this Act shall be paid within the period and in the manner as may be specified by the Competent Authority.
(4) If a person fails to pay a penalty imposed under this Act within the specified period and an appeal has not been filed within the required period, the Competent Authority may without delay initiate steps for recovery of such penalty.
(5) Any penalty imposed by the Financial Services Authority under this Act shall be paid to the Financial Services Authority.
(6) Any penalty imposed by the Financial Intelligence Unit under this Act shall be paid to the Government’s Consolidated Fund. (Inserted by Act 38 of 2022)